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Gains Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6799 50-day EMA
  • RES 2: 0.6784 High Mar 1 and a key resistance
  • RES 1: 0.6734 20-day EMA
  • PRICE: 0.6676 @ 07:57 GMT Mar 15
  • SUP 1: 0.6547 61.8% retracement 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 conditions remain bearish and recent short-term gains appear to be a correction. The Mar 7 sell-off reinforces and strengthens 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, 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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