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Correction Still In Play
- RES 4: 0.6865 High Feb 22
- RES 3: 0.6824 High Feb 24
- RES 2: 0.6784 High Mar 1
- RES 1: 0.6769 50-day EMA and a key resistance
- PRICE: 0.6689 @ 07:57 GMT Mar 24
- 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, the bull cycle that started Mar 10, remains in play now. The move higher is considered corrective. The 20-day EMA has been breached and this exposes resistance at the 50-day EMA - at 0.6769. 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 lies at 0.6565, the Mar 10 low.
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Why MNI
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