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Bear Threat Still Present

  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6810 50-day EMA
  • RES 2: 0.6746/84 20-day EMA / High Mar 1 and a key resistance
  • RES 1: 0.6717 Low Mar 13
  • PRICE: 0.6670 @ 16:36 GMT Mar 13
  • SUP 1: 0.6547 61.8% retracement of the Oct - Feb bull cycle
  • SUP 2: 0.6500 Round number support
  • SUP 3: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing
  • SUP 4: 0.6403 76.4% retracement of the Oct - Feb bull cycle

AUDUSD traded higher Monday. Despite this climb, the trend condition remains bearish for now. Last Tuesday’s sell-off reinforces and strengthens a bearish near-term view. The break lower confirmed a bear flag formation on the daily chart and prices have breached a key support at 0.6629, the Dec 20 low. This signals 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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