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Bears Remain In The Driver’s Seat

AUDUSD TECHS
  • RES 4: 0.6644 High Apr 9
  • RES 3: 0.6552 50-day EMA
  • RES 2: 0.6537 20-day EMA
  • RES 1: 0.6481 Low Apr 1 and a recent breakout level
  • PRICE: 0.6409 @ 16:05 BST Apr 16
  • SUP 1: 0.6397 Low Apr 16
  • SUP 2: 0.6360 Low Nov 14
  • SUP 3: 0.6339 Low Nov 10 and a key support
  • SUP 4: 0.6315 Low Oct 31

AUDUSD remains vulnerable following last week’s move lower. The bearish start to the week reinforces current conditions and the pair is trading lower today. Key support at 0.6443, the Feb 13 low, has been cleared and this confirms a resumption of the downtrend that started late December last year. Scope is seen for an extension towards 0.6339, the Nov 10 ‘23 low. Firm resistance is seen at 0.6552, the 50-day EMA.

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