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Heading South

  • RES 4: 0.6989 High Feb 15
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6836 Former trendline support drawn from Oct 13 2022 low
  • RES 1: 0.6757 High Feb 28
  • PRICE: 0.6751 @ 16:35 GMT Feb 28
  • SUP 1: 0.6698 Low Feb 27
  • SUP 2: 0.6664 50% retracement Oct - Feb bull cycle
  • SUP 3: 0.6629 Low Dec 20 and a key support
  • SUP 4: 0.6585 Low Nov 21

AUDUSD’s February downtrend remains intact and the pair is trading at its recent lows. The clean break of both the 200-dma and 100-dma, reinforces bearish conditions and note too that the pair has cleared trendline support drawn from the Oct 13 2022 low. The focus is on 0.6629, the Dec 20 low and the next key support. Resistance to watch is at 0.6836, the former trendline support.

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