AUDUSD TECHS: Breaches Resistance

• RES 4: 0.7223 High May 15
• RES 3: 0.7149/7201 High Jun 4 / High May 29
• RES 2: 0.7088 High Jun 15 and a key short-term resistance
• RES 1: 0.6979/0.7041 20- and 50-day EMA values
• PRICE: 0.6937 @ 15:10 BST Jul 3
• SUP 1: 0.6865 Low Jun 30
• SUP 2: 0.6860 Low Apr 2 
• SUP 3: 0.6833 Low Mar 30 and a key support
• SUP 4: 0.6757 38.2% retracement of the Apr 9 ‘25 - May 6 bull cyle

A bear cycle in AUDUSD remains intact and short-term gains are considered corrective. Price has pierced a key support marked by the base of a bull channel drawn from the Apr ‘25 low - currently at 0.6921. A clear channel breakout would strengthen the bear theme and highlight a stronger reversal. This would open 0.6833, the Mar 30 low and a key support. Key short-term resistance has been defined at 0.7088, the Jun 15 high.

• RES 4: 187.95 High Apr 17 and the bull trigger   
• RES 3: 187.56 High Apr 30
• RES 2: 186.56 76.4% retracement of the Apr 17 - May 6 bear leg  
• RES 1: 185.86/186.32 High Jun 30 / High Jun 16 and 17
• PRICE: 184.50 @ 15:10 BST Jul 3
• SUP 1: 183.17/183.17 Low Jul 2 / Low Jun 24
• SUP 2: 182.05 Low May 06 and a bear trigger
• SUP 3: 181.87 Low Mar 16
• SUP 4: 180.81 Low Feb 12 and a key M/T support  

The sharp sell-off in EURJPY from Tuesday’s high undermines recent bullish developments and instead highlights a potential bear threat. A continuation lower would expose support at 183.17, the Jun 24 low. Clearance of this level would pave the way for an extension towards 182.05, the May 6 low and a key support. The cross needs to trade above 185.86, the Jun 30 high, to reinstate a bull theme. 

• RES 4: 163.70 Top of a bull channel drawn from Feb 12 low 
• RES 3: 163.62 2.000 proj of the Jan 27 - Feb 9 - Feb 12 price swing
• RES 2: 163.00 Round number resistance
• RES 1: 162.84 High Jul 1 and the bull trigger
• PRICE: 161.26 @ 15:09 BST Jul 3
• SUP 1: 160.49 Low Jul 03
• SUP 2: 160.48 Low Jun 18 
• SUP 3: 160.10 50-day EMA 
• SUP 4: 159.58 Low Jun 11 

The trend needle in USDJPY continues to point north and Thursday’s sharp pullback is considered corrective. This week’s break of 161.95, the Jul 3 ‘24 and Jun 25 major high, confirmed a resumption of the primary uptrend. Note that MA studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would open 163.65, the top of a bull channel drawn from the Feb 12 low. Key support to watch is 160.10, the 50-day EMA.