Free Trial

Bearish Threat Still Present

AUDUSD TECHS
  • RES 4: 0.7532 High Nov 2, 2021
  • RES 3: 0.7441 High Mar 7 and the bull trigger
  • RES 2: 0.7368 High Mar 10
  • RES 1: 0.7245/7301 Low Mar 8 / High Mar 14
  • PRICE: 0.7232 @ 06:49 GMT Mar 16
  • SUP 1: 0.7149 61.8% retracement of the Jan 28 - Mar 7 upleg
  • SUP 2: 0.7095 Low Feb 24 and a key support
  • SUP 3: 0.7080 76.4% retracement of the Jan 28 - Mar 7 upleg
  • SUP 4: 0.7052 Low Feb 4

AUDUSD stabilised into the Tuesday close, but managed to print a new weekly low of 0.7165 in the process. Recent weakness suggests potential for a deeper correction. The price pattern on Mar 7 - a bearish shooting star candle - was an early sign of a top and is still in play. The 50-day EMA has been breached, reinforcing current bearish conditions. This has opened 0.7095, the Feb 24 low. Initial resistance is seen at 0.7245, the Mar 8 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.