AUDUSD TECHS: Correction Extends
- RES 4: 0.6865 High Feb 22
- RES 3: 0.6824 High Feb 24
- RES 2: 0.6784 High Mar 1
- RES 1: 0.6773 50-day EMA and a key resistance
- PRICE: 0.6736@ 08:14 GMT Mar 23
- SUP 1: 0.6650 Low Mar 21
- SUP 2: 0.6590/47 Low Mar 15 / 61.8% of the Oct - Feb bull cycle
- SUP 3: 0.6500 Round number support
- SUP 4: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing
The AUDUSD trend condition remains bearish, however, a bull cycle remains in play now - a correction. The 20-day EMA has been breached and this exposes resistance at the 50-day EMA - at 0.6773. A clear break of the average would strengthen a bullish theme and suggest scope for a stronger short-term recovery. Key support and the bear trigger has been defined at 0.6565, the Mar 10 low.
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MNI: FRANCE FEB FLASH MANUF PMI 47.9 (FCST 51.0); JAN 50.5
- MNI: FRANCE FEB FLASH MANUF PMI 47.9 (FCST 51.0); JAN 50.5
- FRANCE FEB FLASH SERVICES PMI 52.8 (FCST 49.8); JAN 49.4
- FRANCE FEB FLASH COMP PMI 51.6 (FCST 49.8); JAN 49.1
EURUSD TECHS: 50-Day EMA Gives Way
- RES 4: 1.1076 High Apr 1, 2022
- RES 3: 1.1054 1.236 proj of the Oct 13 -27 rally from the Jan 6 low
- RES 2: 1.0940/1.1033 High Feb 3 / High Feb 2
- RES 1: 1.0793 20-day EMA
- PRICE: 1.0671 @ 08:13 GMT Feb 21
- SUP 1: 1.0613 Low Feb 17
- SUP 2: 1.0597 1.0% 10-dma envelope
- SUP 3: 1.0484 Low Jan 6 and a key support
- SUP 4: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg
The CPI-inspired intraday spike in EURUSD reversed into the Tuesday close last week and the pair printed another lower low Friday. The price action shows rallies are still prone to pullbacks on any move higher. Prices have now broken below the 50-day EMA at 1.0678, signalling that the current correction could have room to run lower. The clear break of the 50-day EMA strengthens the bearish cycle and exposes 1.0484, the Jan 6 low.
GERMAN AUCTION PREVIEW: 2.20% Apr-28 Bobl
On offer today:
- E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000)
Timing: Results will be available shortly after the auction closes at 1030 GMT / 1130 CET.
See PDF for full auction preview:
MNI Auction Preview Germany 230221.pdf
