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Bear Flag Confirmed

AUDUSD TECHS
  • RES 4: 0.6989 High Feb 15
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6870 Former trendline support drawn from Oct 13 2022 low
  • RES 1: 0.6784/6826 High Mar 1 / 20-day EMA
  • PRICE: 0.6654 @ 14:33 GMT Mar 7
  • SUP 1: 0.6629 Low Dec 20 and a key support
  • SUP 2: 0.6585 Low Nov 21
  • SUP 3: 0.6547 61.8% retracement Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

The current AUDUSD downtrend remains intact and today’s resumption of weakness reinforces and strengthens the bearish theme. The break lower has confirmed a bear flag formation on the daily chart. Sights are on the next key support at 0.6629, the Dec 20 low. A break of this price point would signal potential for weakness towards 0.6547, a Fibonacci retracement. Initial firm resistance has been defined at 0.6784, the Mar 1 high.

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