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Bear Threat Still Present

AUDUSD TECHS
  • RES 4: 0.6729 High Jan 12
  • RES 3: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 2: 0.6668 High Mar 8 and the bull trigger
  • RES 1: 0.6567/6635 50-day EMA / High Mar 21
  • PRICE: 0.6545 @ 06:55 GMT Mar 26
  • SUP 1: 0.6504 Low Mar 19
  • SUP 2: 0.6478 Low Mar 5
  • SUP 3: 0.6443 Low Feb 13 and the bear trigger
  • SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

AUDUSD maintains a softer tone following the reversal from last week’s high. The move down reinstates a bearish threat and exposes 0.6478, the Mar 5 low. Clearance of this level would expose the key support and bear trigger at 0.6443, the Feb 13 low. Moving average studies remain in a bear-mode position and continue to highlight a short-term downtrend. Initial firm resistance is at 0.6635, the Mar 21 high.

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