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Flips Bearish

AUDUSD TECHS
  • RES 4: 0.7245 2.00 proj of the Nov 21 - Dec 13 - Dec 20 price swing
  • RES 3: 0.7202 High Jun 9
  • RES 2: 0.7172 1.764 proj of the Nov 21 - Dec 13 - Dec 20 price swing
  • RES 1: 0.7082/0.7158 High Feb 3 / 2 and the bull trigger
  • PRICE: 0.6726 @ 15:57 GMT Feb 24
  • SUP 1: 0.6725 100-dma
  • SUP 2: 0.6719 Low Feb 24
  • SUP 3: 0.6688 Low Jan 3
  • SUP 4: 0.6629 Low Dec 20

AUDUSD’s February downtrend accelerated Friday, with the pair hitting a new pullback low at 0.6719. This makes for a clean break of the 200-dma at 0.6801 and opens fresh losses toward Dec lows at 0.6629. The 100-dma has contained the fallout so far, but a break below here would be bearish at 0.6725. Technical conditions are yet to hit oversold, leaving a lower likelihood of a corrective recovery at this stage.

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

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