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Gains Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6792 50-day EMA
  • RES 2: 0.6784 High Mar 1 and a key resistance
  • RES 1: 0.6723 20-day EMA
  • PRICE: 0.6646 @ 16:47 GMT Mar 16
  • 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 condition remains bearish - recent gains appear to be a correction. The Mar 7 sell-off reinforced and strengthened 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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