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Bear Flag Formation

AUDUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.6989 High Feb 15
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6857 Former trendline support drawn from Oct 13 2022 low
  • RES 1: 0.6784 High Mar 1
  • PRICE: 0.6750 @ 16:28 GMT Mar 3
  • SUP 1: 0.6695 Low Mar 01
  • SUP 2: 0.6664 50% retracement Oct - Feb bull cycle
  • SUP 3: 0.6629 Low Dec 20 and a key support
  • SUP 4: 0.6585 Low Nov 21

AUDUSD’s February downtrend remains intact with price trading closer to its recent lows. The recent consolidation appears to be a bear flag - reinforcing the downtrend. The recent breach of both the 200-dma and 100-dma, reinforced bearish conditions and note too that the pair has cleared a trendline support drawn from the Oct 13 2022 low. The focus is on 0.6629, the Dec 20 low and the next key support. Resistance to watch is at 0.6857.

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  • RES 4: 0.6989 High Feb 15
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6857 Former trendline support drawn from Oct 13 2022 low
  • RES 1: 0.6784 High Mar 1
  • PRICE: 0.6750 @ 16:28 GMT Mar 3
  • SUP 1: 0.6695 Low Mar 01
  • SUP 2: 0.6664 50% retracement Oct - Feb bull cycle
  • SUP 3: 0.6629 Low Dec 20 and a key support
  • SUP 4: 0.6585 Low Nov 21

AUDUSD’s February downtrend remains intact with price trading closer to its recent lows. The recent consolidation appears to be a bear flag - reinforcing the downtrend. The recent breach of both the 200-dma and 100-dma, reinforced bearish conditions and note too that the pair has cleared a trendline support drawn from the Oct 13 2022 low. The focus is on 0.6629, the Dec 20 low and the next key support. Resistance to watch is at 0.6857.