From the FXWW Chatroom: AUD/USD (0.7600):
The area between 0.7700 and 0.7740 (0.7741 high on the 23rd of February) capped in fact the upside and the expected tests of the 15th of February low at 0.7630 and probably 0.7570-0.7600 are already done (0.7540 3rd of March low). As long as this pair is trading below 0.7680 the downside pressure is likely to remain with next target at 0.7525.
Broke through 1220.00 again, daily stabilization below could reduce the last days positive bias. On the downside, 1207.00 (3rd of February low) the next point.
Broke and stabilized below 1.2380-1.2420 which reduced the upside pressure and the change the view to revisit the 1.2720 area at least in the short term. As long as this pair can’t move above 1.2380-1.2420 the downside pressure is likely to remain with good probability to retest the January’s lows between 1.1980 and 1.2040.
As long as the support line of 1.0053 is not clearly broken in a 4 hourly close basis the move up could continue. A clear break in a 4 hourly close basis at the resistance line of 1.0146 would confirm this view. Buy the USD at 1.0090 and 1.0060 with sl below 1.0030.
Support at 1.0107, 1.0053, 1.009
Resistance at 1.0146, 1.0204, 1.0248
The technical indicators are pointing an overbough EURO and a correction down is anytime possible as long as the resistance line of 1.0640 is not clearly broken in a 4 hourly close basis. Sell the EURO at 1.0705 and 1.0735 with sl above 1.0765.
Support at 1.0572, 1.0543, 1.0494
Resistance at 1.0640, 1.0679, 1.0736
Consolidation between 113.56 and 114.14 for a while. A clear break on either side will show a bigger move. Stand aside for today.
Support at 113.56, 113.02, 112.52
Resistance at 114.14, 114,75, 114.96
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