Thu, Mar 23, 2023 @ 17:01 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: AUDUSD – Extended Weakness Pressures 200SMA Support

Technical Outlook: AUDUSD – Extended Weakness Pressures 200SMA Support

The Aussie accelerated lower on Tuesday after RBA and took out support at 0.7588 (Fibo 61.8% of 0.7489/0.7747 rally / lows of 28 Mar/03 Apr), completing Failure Swing pattern on daily chart.

Fresh bears are now pressuring strong supports at 0.7548/43 (200SMA / weekly cloud top), break of which would open way towards key short-term support at 0.7489 (09 Mar low).

Daily studies are turning into full bearish setup and support further weakness, after the pair returned into thick daily cloud that underpinned the uptrend since early March.

Oversold near-term studies suggest that bears may show hesitation at 200SMA support.

Bear-cross formed by daily Tenkan-sen / Kijun-sen lines at 0.7616, is expected to cap extended upticks.

Res: 0.7588, 0.7616, 0.7638, 0.7656
Sup: 0.7548, 0.7506, 0.7489, 0.7467

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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