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Correction Extends

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6784 High Mar 1
  • RES 1: 0.6773 50-day EMA and a key resistance
  • PRICE: 0.6721 @ 16:19 GMT Mar 23
  • SUP 1: 0.6650 Low Mar 21
  • SUP 2: 0.6590/47 Low Mar 15 / 61.8% of the Oct - Feb bull cycle
  • SUP 3: 0.6500 Round number support
  • SUP 4: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing

The AUDUSD trend condition remains bearish, however, a bull cycle remains in play now - a correction. The 20-day EMA has been breached and this exposes resistance at the 50-day EMA - at 0.6773. A clear break of the average would strengthen a bullish theme and suggest scope for a stronger short-term recovery. Key support and the bear trigger has been defined at 0.6565, the Mar 10 low.

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