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Heading South

AUDUSD TECHS
  • RES 4: 1.3805/3862 High Mar 24 / 10 and the bull trigger
  • RES 3: 1.3745 High Mar 27
  • RES 2: 1.3695 High Mar 28
  • RES 1: 1.3590/3637 50- and 20-day EMA values
  • PRICE: 1.3512 @ 08:06 BST Apr 3
  • SUP 1: 1.3488 Intraday low
  • SUP 2: 1.3442 Low Feb 20 / 21
  • SUP 3: 1.3404 76.4% retracement of the Feb 2 - Mar 10 rally
  • SUP 4: 1.3358 Low Feb 16

The current bear cycle in USDCAD remains in play and the pair continues to weaken. Last week’s bearish extension resulted in a break of the 50-day EMA and 1.3562, the 50% retracement for the Feb 2 - Mar 10 rally. The move lower signals scope for a continuation lower and note that 1.3491, the 61.8% retracement, has been tested. A clear break of this level would open 1.3442, the Feb 20 / 21 low. Initial firm resistance is seen at 1.3590, the 50-day EMA.

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