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Bearish Threat

AUDUSD TECHS
  • RES 4: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6793 High Apr 4 and key short-term resistance
  • RES 1: 0.6697/6741 20- and 50- day EMA values
  • PRICE: 0.6668 @ 08:03 BST Apr 11
  • SUP 1: 0.6620 Low Apr 10
  • SUP 2: 0.6590 Low Mar 15
  • SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD traded sharply higher on Apr 3 but has since pulled back and failed to remain above the 50-day EMA. The average intersects at 0.6741 and marks a key short-term resistance. A clear break of the EMA would strengthen a bullish condition and open 0.6824, the Feb 24 high. On the downside, key short-term support to watch lies at 0.6625, the Mar 24 low. It has been pierced, a clear break would signal a stronger bearish reversal.

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