Short-Term Trend Signal Points North

• RES 4: 0.6729 High Jan 12
• RES 3: 0.6708 61.8% retracement of the Dec 28 - Feb 13 bear cycle
• RES 2: 0.6668 High Mar 8 and the bull trigger
• RES 1: 0.6635 High Mar 21
• PRICE: 0.6603 @ 07:30 GMT Apr 09
• SUP 1: 0.6503 Low Apr 3
• SUP 2: 0.6478 Low Mar 5
• SUP 3: 0.6443 Low Feb 13 and the bear trigger
• SUP 4: 0.6412 76.4% Fibonacci retracement for Oct - Dec upleg

AUDUSD is holding on to its recent gains. The recent bounce resulted in a break of the 50-day EMA. This marks a bullish development and suggests the recent bout of weakness between Mar 8 - Apr 1 has been a correction. A continuation higher would open 0.6635, Mar 21 high. For bears, a reversal lower and a break of support at 0.6478, Mar 5 low, would instead reinstate a bearish theme. This would open the bear trigger at 0.6443, the Feb 13 low.