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50-Day EMA Still Provides Support

  • RES 4: 0.8164 High May 15, 2015
  • RES 3: 0.8136 High Jan 2018 and Major Resistance
  • RES 2: 0.8007 High Feb 25 and the bull trigger
  • RES 1: 0.7883 High Feb 26
  • PRICE: 0.7765 @ 06:32 GMT Mar 2
  • SUP 1: 0.7696/93 50-day EMA / Low Feb 26
  • SUP 2: 0.7651 Low Feb 8
  • SUP 3: 0.7583/64 Low Feb 5 / Low Feb 2 and the bear trigger
  • SUP 4: 0.7557 Low Dec 28

AUDUSD is trading closer to recent lows and remains vulnerable following last week's sharp sell-off from 0.8007, Feb 25 high. Price action has so far managed to find support at the 50-day EMA that intersects at 0.7696 today. A clear break of the average would signal scope for a deeper pullback and open the 0.7600 handle and potentially below. Initial resistance is at 0.7883, Friday's high with the bull trigger for a resumption of gains defined at 0.8007.

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