AUDUSD TECHS: Hits Bull Trigger

• RES 4: 160.79 1.500 proj of the Jan 27 - Feb  - 12 price swing  
• RES 3: 160.26 Low Jul 8 ‘24
• RES 2: 160.00 Psychological round number
• RES 1: 159.90 High Mar 18
• PRICE: 159.21 @ 17:39 GMT Mar 25  
• SUP 1: 157.51 Low Mar 19 
• SUP 2: 156.94 50-day EMA 
• SUP 3: 155.35/154.00 Low Feb 25 / 23 
• SUP 4: 153.34 Trendline support drawn from the Apr 22 ‘25 low 

The trend condition in USDJPY remains bullish and short-term pullbacks appear corrective. Recent gains resulted in the breach of key short-term resistance at 159.45, the Jan 14 high. This confirmed a resumption of the uptrend and has opened the 160.00 psychological barrier. Note that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Initial firm support lies at 159.64, the 50-day EMA.

• Crude futures remain down on Wednesday, though they have reversed steeper earlier declines as the market continues to parse through contrasting headlines regarding the current state of play in the Middle East. Iranian media have suggested that Tehran would reject the US proposal for a ceasefire, providing the bid for oil prices across the US session. Front month WTI is down 1.2% at 91.10$/bbl at typing.
• Iran laid out five hardline conditions and said a ceasefire would not be possible until they are met. Tasnim, citing an unnamed military source, states that Iran could 'activate' (presumably meaning close) the Bab al-Mandeb Strait if attacks are carried out on Iranian territory or islands.
• In similar vein, initial constructive price action for both spot gold and silver have been steadily reversing across US hours. Spot gold is now pressing back towards $4,500/oz after earlier highs of $4,600.
• Short-term trend signals in Gold remain bearish and Monday’s recovery from its day low appears corrective. Note that the downtrend is oversold and a stronger corrective bounce would allow this condition to unwind. Initial resistance is at $4655.7, the Feb 6 low.
• We also look into longer-term technical developments for both oil and gold in our latest publication of the MNI Tech Trend Monitor, found here: https://mni.marketnews.com/3PnNcWK

• "IRAN'S FOREIGN MINISTER ARAQCHI SAYS TEHRAN SHOWED THE WORLD THAT 'NO COUNTRY CAN THREATEN ITS SECURITY'"
• "IRAN'S ARAQCHI SAYS THERE ARE NO TALKS WITH THE U.S." (Reuters)
• Potentially behind the latest bid for crude futures.