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Bearish Shooting Star Candle

AUDUSD TECHS
  • RES 4: 0.7599 High Jul 6, 2021
  • RES 3: 0.7556 High Oct 28, 2021 and a key resistance
  • RES 2: 0.7532 High Nov 2, 2021
  • RES 1: 0.7441 High Mar 7
  • PRICE: 0.7281 @ 06:29 GMT Mar 8
  • SUP 1: 0.7236 20-day EMA
  • SUP 2: 0.7208 50-day EMA
  • SUP 3: 0.7141 Low Feb 25
  • SUP 4: 0.7095 Low Feb 24

AUDUSD initially strengthened Monday, before slipping into the close. Yesterday’s price pattern is a bearish shooting star candle, highlighting a short-term top. Short-term weakness is likely a correction though and opens support at 0.7236/08, the 20- and 50-day EMA values. The trend outlook is bullish following recent gains and the break of resistance at 0.7314, Jan 13 high. This has reinforced bullish conditions, exposing 0.7471, the Nov 4 high.

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