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Bear Cycle Extension

AUDUSD TECHS
  • RES 4: 0.7556 High Oct 28, 2021 and a key resistance
  • RES 3: 0.7532 High Nov 2, 2021
  • RES 2: 0.7441 High Mar 7 and the bull trigger
  • RES 1: 0.7368 High Mar 10
  • PRICE: 0.7243 @ 07:11 GMT Mar 14
  • SUP 1: 0.7223 - 50-day EMA
  • SUP 2: 0.7141 Low Feb 25
  • SUP 3: 0.7095 Low Feb 24 and a key support
  • SUP 4: 0.7052 Low Feb 4

AUDUSD is trading lower today as the pair extends the pullback from 0.7441, the Mar 7 high. The continuation lower suggests potential for a deeper correction and this means the price pattern on Mar 7 - a bearish shooting star candle - remains in play. The move lower has exposed the 50-day EMA at 0.7223 - a key support. The primary trend remains up though. A reversal higher would refocus attention on 0.7441, the bull trigger.

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