Wed, Mar 29, 2023 @ 14:12 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: AUDUSD Remains In Red, Key Support At 0.7489 Under Increased...

Technical Outlook: AUDUSD Remains In Red, Key Support At 0.7489 Under Increased Pressure

The Aussie remains in red on Friday and extends weakness towards support at 0.7513 (100SMA), following yesterday’s close below 200SMA pivot at 0.7549.

We need to see weekly close below 200SMA to confirm break and avoid scenario from one ago when the pair made false break lower.

Firm bearish setup of daily studies supports further weakness towards key short-term support at 0.7489 (09 Mar low) violation of which could spark stronger bearish acceleration on triggering stops that are parked below.

Meantime, slow stochastic is entering oversold territory and may delay attack at 0.7489 pivot.

Broken 200SMA is expected to ideally cap and guard next upper pivot at 0.7596 (daily Tenkan-sen).

Only stronger bullish acceleration above 0.7618 (daily Kijun-sen) would sideline immediate downside risk and expose upper breakpoint at 0.7658 (daily cloud top).

Res: 0.7549, 0.7596, 0.7618, 0.7658
Sup: 0.7514, 0.7489, 0.7472, 0.7436

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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