SONIA: Downside put spread

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• RES 4: 0.6409 High Dec 9 and a key resistance 
• RES 3: 0.6389 High Apr 3               
• RES 2: 0.6283 50-day EMA 
• RES 1: 0.6127/0.6219 High Apr 7 / Low Mar 31   
• PRICE: 0.6059 @ 08:01 BST Apr 8 
• SUP 1: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 2: 0.5900 Round number support 
• SUP 3: 0.5830 2.000 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.5729 2.236 proj of the Sep 30 - Nov 6 - 7 price swing

The latest steep sell-off in AUDUSD cancels a recent bullish theme and instead, confirms a resumption of the downtrend that started late September last year. Monday’s fresh cycle low reinforces a bear theme. A key support at 0.6088, the Feb 3 low, has been broken. This paves the way for an extension towards 0.5931 next, a Fibonacci projection. On the upside, resistance to watch is at 0.6219, the Mar 31 low.

Gilt Calls, 91.69/91.75 range.