Firmer Close Despite Bearish Trend Signals

• RES 4: 0.6900 High Jun 16 and a key resistance
• RES 3: 0.6871 High Dec 28 and the bull trigger
• RES 2: 0.6729/71 High Jan 12 / 3
• RES 1: 0.6625 High Jan 30 and key resistance
• PRICE: 0.6561 @ 16:38 GMT Feb 23
• SUP 1: 0.6443 Low Feb 13
• SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
• SUP 3: 0.6360 Low Nov 14
• SUP 4: 0.6339 Low Nov 10

AUD/USD rallies were sold into the Thursday close, with prices returning negative despite printing a new multi-week high at 0.6595. Further losses would see the bearish trend resume, confirming the latest bounce as corrective. Last Tuesday’s initial break lower reinforced the bearish theme. To the downside, sights rest on 0.6412, a Fibonacci retracement. Moving average studies are in a bear-mode set-up, highlighting a clear, albeit weaker, downtrend. Key resistance to watch is 0.6625, the Jan 30 high. Initial resistance is at 0.6546, the 20-day EMA and a level pierced this week.