AUDUSD TECHS: Corrective Cycle
Mar-17 07:02
- RES 4: 0.6865 High Feb 22
- RES 3: 0.6824 High Feb 24
- RES 2: 0.6784/87 High Mar 1 and a key resistance / 50-day EMA
- RES 1: 0.6748 High Mar 7
- PRICE: 0.6713 @ 06:59 GMT Mar 17
- SUP 1: 0.6590/47 Low Mar 15 / 61.8% of the Oct - Feb bull cycle
- SUP 2: 0.6500 Round number support
- SUP 3: 0.6425 2.00 projection of the Feb 2 - 6 - 14 price swing
- SUP 4: 0.6403 76.4% retracement of the Oct - Feb bull cycle
The AUDUSD trend condition remains bearish despite the recent recovery - a shallow correction. The Mar 7 sell-off reinforced a bearish theme. The break lower maintains the price sequence of lower lows and lower highs and price has breached key support at 0.6629, the Dec 20 low. This signals potential for weakness towards 0.6547, a Fibonacci retracement. Initial firm resistance has been defined at 0.6784, the Mar 1 high.
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