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Strong Reversal Continues

AUDUSD TECHS
  • RES 4: 0.7532 High Nov 2, 2021
  • RES 3: 0.7445 2.0% 10-dma envelope
  • RES 2: 0.7441 High Mar 7 and the bull trigger
  • RES 1: 0.7393 High Mar 17
  • PRICE: 0.7391 @ 17:46 GMT Mar 17
  • SUP 1: 0.7224 50-day EMA
  • SUP 2: 0.7165 Low Mar 15 and a key support
  • SUP 3: 0.7095 Low Feb 24
  • SUP 4: 0.7080 76.4% retracement of the Jan 28 - Mar 7 upleg

AUDUSD has defined a key short-term support at 0.7165, the Mar 15 low. The strong reversal from this low threatens the recent bearish theme and also signals a possible resumption of the uptrend that started Jan 28. Moving averages remain in a bull mode and highlight an uptrend. An extension opens 0.7441, the Mar 7 high and bull trigger. Weakness below 0.7165 would reinstate a bearish theme.

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