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Bears Remains In The Driver’s Seat

  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6884 Former trendline support drawn from Oct 13 2022 low
  • RES 2: 0.6782/84/6782 20-day EMA / High Mar 1
  • RES 1: 0.6695 Low Mar 1
  • PRICE: 0.6610 @ 07:20 GMT Mar 9
  • SUP 1: 0.6547 61.8% retracement of the Oct - Feb bull cycle
  • SUP 2: 0.6500 Round number support
  • SUP 3: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing
  • SUP 4: 0.6403 76.4% retracement of the Oct - Feb bull cycle

The AUDUSD downtrend remains intact and Tuesday’s sharp sell-off reinforces and strengthens a bearish theme. The break lower has confirmed a bear flag formation on the daily chart and prices have cleared key support at 0.6629, the Dec 20 low. This signals potential for weakness towards 0.6547, a Fibonacci retracement. Initial firm resistance has been defined at 0.6784, the Mar 1 high.

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