Free Trial

Impulsive Sell-Off Reinforces Bearish Theme

AUDUSD TECHS
  • RES 4: 0.6921 High Feb 20
  • RES 3: 0.6877 Former trendline support drawn from Oct 13 2022 low
  • RES 2: 0.6784/6803 High Mar 1 / 20-day EMA
  • RES 1: 0.6695 Low Mar 1
  • PRICE: 0.6606 @ 16:52 GMT Mar 8
  • 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 current AUDUSD downtrend remains intact and Tuesday’s sharp sell-off and resumption of weakness reinforces and strengthens the bearish theme. The break lower has confirmed a bear flag formation on the daily chart. Prices have taken out 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.