Sat, Apr 01, 2023 @ 04:50 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: AUDUSD – Strong Bearish Signal On Probe Below 200SMA

Technical Outlook: AUDUSD – Strong Bearish Signal On Probe Below 200SMA

The Aussie resumed lower after brief consolidation on Wednesday and is probing below 200SMA pivot at 0.7549 which held the action of past two days.

The pair currently riding on the wave C (from 0.7677) of five-wave cycle from 0.7747 peak that reached its 100% Fibonacci expansion at 0.7530 today.

The pair may extend weakness towards next supports at 0.7508 (100SMA) and 0.7489 (09 Mar trough) in strong bearish environment of technical studies, with close below 200SMA seen as strong bearish signal.

Extended wave C could travel to its FE138.2% at 0.7472, on break below 0.7508/0.7489 pivots.

The pair may spend some time in consolidation before resuming downtrend, as slow stochastic is oversold on daily chart.

South-moving daily Tenkan-sen (0.7604) is expected to cap extended upticks.

Res: 0.7574, 0.7585, 0.7604, 0.7618
Sup: 0.7530, 0.7508, 0.7489, 0.7472

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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