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Bearish Reversal

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: 0.6644 High Apr 9
  • PRICE: 0.6518 @ 16:31 BST Apr 10
  • SUP 1: 0.6513 Low Apr 10
  • 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

A sharp sell-off in AUDUSD Wednesday signals the end of the recent climb and reinstates a bearish threat. A continuation lower would signal scope for a test of support at 0.6478, the Mar 5 low. Clearance of this level would expose the bear trigger at 0.6443, the Feb 13 low. Key resistance is unchanged at 0.6668, the Mar 8 high. A reversal higher and a break of this level would be a bullish development.

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