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Bullish Extension

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: 0.6657 50.0% retracement of the Dec 28 - Feb 13 bear cycle
  • RES 1: 0.6625 High Jan 30
  • PRICE: 0.6606 @ 15:15 GMT Mar 7
  • SUP 1: 0.6534 20-day EMA
  • SUP 2: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 3: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 4: 0.6360 Low Nov 14

AUDUSD is trading higher today. The recovery threatens a recent bearish theme and price has cleared the 50-day EMA. Resistance at 0.6595, the Feb 22 high, has also been cleared and this strengthens a bullish theme, signalling scope for a continuation higher. Sights are on 0.6625 next, the Jan 30 high. On the downside, initial key support has been defined at 0.6478, the Mar 5 low. A break would be bearish.

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