March 28, 2024 07:55 GMT
Bearish Tone
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: 0.6564/6635 50-day EMA / High Mar 21
- PRICE: 0.6505 @ 07:54 GMT Mar 28
- SUP 1: 0.6504 Low Mar 19
- 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
AUDUSD maintains a softer tone and the pair is trading lower today. The reversal lower on Mar 21 reinstates a bearish threat and exposes 0.6478, the Mar 5 low. Clearance of this level would open the key support and bear trigger at 0.6443, the Feb 13 low. Moving average studies remain in a bear-mode position and continue to highlight a short-term downtrend. Initial firm resistance is at 0.6635, the Mar 21 high.
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