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Bear Leg Extends

AUDUSD TECHS
  • RES 4: 0.7532 High Nov 2, 2021
  • RES 3: 0.7441 High Mar 7 and the bull trigger
  • RES 2: 0.7368 High Mar 10
  • RES 1: 0.7245/7301 Low Mar 8 / High Mar 14
  • PRICE: 0.7182 @ 07:12 GMT Mar 15
  • SUP 1: 0.7149 61.8% retracement of the Jan 28 - Mar 7 upleg
  • SUP 2: 0.7095 Low Feb 24 and a key support
  • SUP 3: 0.7080 76.4% retracement of the Jan 28 - Mar 7 upleg
  • 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 - is still in play. The 50-day EMA has been cleared, reinforcing current conditions. This has opened 0.7095, the Feb 24 low. Initial resistance is seen at 0.7245, the Mar 8 low.

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