Free Trial

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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.