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Correction Still In Play

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: 0.6769 50-day EMA and a key resistance
  • PRICE: 0.6647 @ 15:48 GMT Mar 24
  • SUP 1: 0.6625 Low Mar 24
  • 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.

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

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