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Short-Term Gains Considered Corrective

AUDUSD TECHS
  • RES 4: 0.6865 High Feb 22
  • RES 3: 0.6824 High Feb 24
  • RES 2: 0.6784 High Mar 1
  • RES 1: 0.6755 50-day EMA and a key resistance
  • PRICE: 0.6703 @ 16:18 BST Mar 30
  • SUP 1: 0.6625 Low Mar 24
  • SUP 2: 0.6590 Low Mar 15
  • SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
  • SUP 4: 0.6500 Round number support

AUDUSD is consolidating. The trend condition is unchanged and the outlook remains bearish - recent gains, since Mar 10, appear to be a correction. The 20-day EMA has been breached but resistance at the 50-day EMA remains intact. The average intersects at 0.6755. A clear breach of it would signal scope for a stronger short-term recovery. Key support and the bear trigger lies at 0.6565, the Mar 10 low.

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

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