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Outlook Remains Bearish

AUDUSD TECHS
  • RES 4: 0.6989 High Feb 15
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6843 Former trendline support drawn from Oct 13 2022 low
  • RES 1: 0.6812 Low Dec 17
  • PRICE: 0.6763 @ 15:56 GMT Mar 1
  • SUP 1: 0.6695 Low Mar 01
  • 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 short-term gains are considered corrective. The recent breach 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 0.6843, the former trendline support.

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