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Gains Appear To Be A Correction

AUDUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6783/84 50-day EMA / High Mar 1 and a key resistance
  • RES 1: 0.6748 High Mar 7
  • PRICE: 0.6689 @ 07:58 GMT Mar 20
  • SUP 1: 0.6590/47 Low Mar 15 / 61.8% of the Oct - Feb bull cycle
  • SUP 2: 0.6500 Round number support
  • SUP 3: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing
  • SUP 4: 0.6403 76.4% retracement of the Oct - Feb bull cycle

The AUDUSD trend condition remains bearish despite the recent recovery - a shallow correction so far. The Mar 7 sell-off reinforced a bearish theme. The break lower maintains the price sequence of lower lows and lower highs and price has breached key support at 0.6629, the Dec 20 low. This signals potential for weakness towards 0.6547, a Fibonacci retracement. Initial firm resistance has been defined at 0.6784, the Mar 1 high.

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  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6783/84 50-day EMA / High Mar 1 and a key resistance
  • RES 1: 0.6748 High Mar 7
  • PRICE: 0.6689 @ 07:58 GMT Mar 20
  • SUP 1: 0.6590/47 Low Mar 15 / 61.8% of the Oct - Feb bull cycle
  • SUP 2: 0.6500 Round number support
  • SUP 3: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing
  • SUP 4: 0.6403 76.4% retracement of the Oct - Feb bull cycle

The AUDUSD trend condition remains bearish despite the recent recovery - a shallow correction so far. The Mar 7 sell-off reinforced a bearish theme. The break lower maintains the price sequence of lower lows and lower highs and price has breached key support at 0.6629, the Dec 20 low. This signals potential for weakness towards 0.6547, a Fibonacci retracement. Initial firm resistance has been defined at 0.6784, the Mar 1 high.