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Rebuffs Bearish Outlook

AUDUSD TECHS
  • RES 4: 0.6729/71 High Jan 12 / 3
  • RES 3: 0.6663 High Jan 16
  • RES 2: 0.6595/6625 High Feb 22 and key resistance / High Jan 30
  • RES 1: 0.6561 50-day EMA
  • PRICE: 0.6520 @ 16:33 GMT Mar 6
  • SUP 1: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6360 Low Nov 14
  • SUP 4: 0.6339 Low Nov 10

AUDUSD traded strongly into the close, rebuffing the bearish outlook stemming from yesterday’s fresh pullback low. Gains at these levels should be considered corrective for now - with recent price action reinforcing the bearish theme and signalling scope for an extension towards the bear trigger at 0.6443, the Feb 13 low. A breach of this level would confirm a resumption of the downtrend and open 0.6412, a Fibonacci retracement point. Key short-term resistance is unchanged at 0.6595, the Feb 22 high.

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  • RES 4: 0.6729/71 High Jan 12 / 3
  • RES 3: 0.6663 High Jan 16
  • RES 2: 0.6595/6625 High Feb 22 and key resistance / High Jan 30
  • RES 1: 0.6561 50-day EMA
  • PRICE: 0.6520 @ 16:33 GMT Mar 6
  • SUP 1: 0.6478/6443 Low Mar 5 / Low Feb 13 and the bear trigger
  • SUP 2: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg
  • SUP 3: 0.6360 Low Nov 14
  • SUP 4: 0.6339 Low Nov 10

AUDUSD traded strongly into the close, rebuffing the bearish outlook stemming from yesterday’s fresh pullback low. Gains at these levels should be considered corrective for now - with recent price action reinforcing the bearish theme and signalling scope for an extension towards the bear trigger at 0.6443, the Feb 13 low. A breach of this level would confirm a resumption of the downtrend and open 0.6412, a Fibonacci retracement point. Key short-term resistance is unchanged at 0.6595, the Feb 22 high.