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Testing Key Resistance

AUDUSD TECHS
  • RES 4: 0.7432 High Nov 9
  • RES 3: 0.7393 High Nov 10
  • RES 2: 0.7371 High Nov 15, 2021
  • RES 1: 0.7365 2.0% 10-dma envelope
  • PRICE: 0.7321 @ 06:58 GMT Mar 3
  • SUP 1: 0.7239/7191 Low Mar 1 / 50-day EMA
  • SUP 2: 0.7095 Low Feb 24 and a key short-term support
  • SUP 3: 0.7086/7052 Low Feb 14 / Low Feb 4
  • SUP 4: 0.6968/6963 Low Jan 28 / Low Jul 16, 2020

AUDUSD continues to climb as the pair extends the rebound from 0.6968, the Jan 28 low. The pair is testing resistance at 0.7314, Jan 13 high where a break would reinforce bullish conditions and signal scope for a stronger recovery. Moving average studies are gradually turning bullish. A reversal to bull-mode in these indicators, would highlight a positive medium-term outlook. Key support has been defined at 0.7095, Feb 24 low.

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