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Remains Vulnerable

AUDUSD TECHS
  • RES 4: 0.6989 High Feb 15
  • RES 3: 0.6921 High Feb 20
  • RES 2: 0.6870 Former trendline support drawn from Oct 13 2022 low
  • RES 1: 0.6784 High Mar 1
  • PRICE: 0.6708 @ 07:59 GMT Mar 7
  • SUP 1: 0.6694 Intraday low
  • 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

The current AUDUSD downtrend remains intact with price trading at its recent lows. The recent consolidation still appears to be a bear flag and if correct, it reinforces the downtrend. Note that moving average studies have crossed to highlight a bear-mode set-up. Price has also recently cleared a 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 0.6870.

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