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Corrective Cycle

  • RES 4: 0.7750 High Mar 23
  • RES 3: 0.7702 Trendline resistance drawn off the Feb 25 high
  • RES 2: 0.7684 50-day EMA
  • RES 1: 0.7677 Intraday high
  • PRICE: 0.7654 @ 06:33 GMT Apr 7
  • SUP 1: 0.7596 Low Apr 2
  • SUP 2: 0.7532/17 Low Apr 1 and the bear trigger / Low Dec 22
  • SUP 3: 0.7462 Low Dec 21
  • SUP 4: 0.7418 23.6% retracement of the Mar 2020 - Feb rally

AUDUSD remains above recent lows having recovered from 0.7532, Apr 1 low. Nonetheless, the outlook remains fragile. The pair has recently breached support at 0.7563, Mar 25 low and also cleared the Feb 2 low of 0.7564. This reinforces the current bearish theme following the confirmation of a head and shoulders reversal pattern on Mar 23. This has opened 0.7517 next, Dec 22 low. On the upside, initial resistance is seen at 0.7684, the 50-day EMA.

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