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Eyeing The Bull Trigger

  • RES 4: 0.7556 High Oct 28 and a key resistance
  • RES 3: 0.7532 High Nov 2, 2021
  • RES 2: 0.7444 2.0% 10-dma envelope
  • RES 1: 0.7441 High Mar 7 and the bull trigger
  • PRICE: 0.7402 @ 17:00 GMT Mar 21
  • SUP 1: 0.7279/37 20-day EMA / 50-day EMA
  • SUP 2: 0.7165 Low Mar 15 and a key support
  • SUP 3: 0.7095 Low Feb 24
  • SUP 4: 0.7080 76.4% retracement of the Jan 28 - Mar 7 upleg

AUDUSD maintains a firmer tone. The pair defined a key short-term support last week at 0.7165, the Mar 15 low. The strong reversal from this low signalled a potential resumption of the uptrend that started Jan 28. Moving averages also remain in a bull mode, highlighting an uptrend. Attention is on 0.7441, the Mar 7 high and a bull trigger. Weakness below 0.7165 is needed to reinstate a bearish theme.

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