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Bearish Extension

AUDUSD TECHS
  • RES 4: 0.7744 Trendline resistance drawn off the Feb 25 high
  • RES 3: 0.7699 Low Mar 17
  • RES 2: 0.7664 High Mar 30
  • RES 1: 0.7601 Intraday high
  • PRICE: 0.7540 @ 06:38 GMT Apr 1
  • SUP 1: 0.7517 Low Dec 22
  • SUP 2: 0.7462 Low Dec 21
  • SUP 3: 0.7418 23.6% retracement of the Mar 2020 - Feb rally
  • SUP 4: 0.7372 1.236 proj of the Feb 25 - Mar 9 - Mar 18 price swing

AUDUSD maintains a bearish tone and has traded lower once again today. The pair has breached support at 0.7563, MAr 25 low and also cleared the Feb 2 low of 0.7564. This reinforces the current bearish theme following the confirmation of a head and shoulders reversal pattern on Mar 23. The move lower opens 0.7517 next, Dec 22 low. On the upside, initial resistance is seen at 0.7664, Mar 30 high.

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