February 12, 2024 08:29 GMT
Bear Flag
AUDUSD TECHS
- RES 4: 0.6900 High Jun 16 and a key resistance
- RES 3: 0.6871 High Dec 28 and the bull trigger
- RES 2: 0.6729/71 High Jan 12 / 3
- RES 1: 0.6568/6625 20-day EMA / High Jan 30 and key resistance
- PRICE: 0.6524 @ 08:07 GMT Feb 12
- SUP 1: 0.6469 Low Feb 05
- SUP 2: 0.6453 Low Nov 17
- SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
- SUP 4: 0.6360 Low Nov 14
A bearish theme in AUDUSD remains intact. The latest break to fresh cycle lows confirmed a resumption of the downtrend and signals scope for weakness towards 0.6453, the Nov 17 low. Moving average studies have crossed into a bear-mode set-up, strengthening a bearish theme. Furthermore, the recent pause appears to be a bear flag formation. Key short-term resistance to watch is unchanged at 0.6625, the Jan 30 high.
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