AUDUSD tops for bear bias
· We stated in our last report that “we see a defensive bias, with risk through midweek lower for .9360, .9330 and maybe through .9322”.
· Having setback from the range resistance area at .9420/25 as we had flagged, the plunge through .9322 completes a strong topping structure and favours further bearish pressures into early August.
· We now see a downside bias to target .9258, .9230 and then the key .9208/00 area.
· This area should hold a first approach, but surrender would signal an intermediate term top and bear tone.
WHAT CHANGES THIS?
· Above .9355 eases bear risks; through .9420/25 signals a neutral tone, only shifting positive above .9470/72.
Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/AUDUSD.pdf
4 Hour AUDUSD Chart
Daily AUDUSD Chart