AUDUSD TECHS: Recovery Extends
- RES 4: 0.6429 High Dec 12 ‘24
- RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 2: 0.6409 High Feb 21 and a bull trigger
- RES 1: 0.6357 High Feb 26
- PRICE: 0.6330 @ 08:02 GMT Mar 6
- SUP 1: 0.6294/6187 20-day EMA / Low Mar 4
- SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD has traded higher this week. The pair has breached both the 20- and 50-day EMAs. A stronger recovery would undermine the recent bearish theme and expose key short-term resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle. On the downside, a move below Tuesday's 0.6187 low is required to reinstate a bear threat and open the bear trigger at 0.6088, the Feb 3 low.
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GILTS: Opening calls
Gilt calls, 92.70/92.74 range.
AUDUSD TECHS: Gains Considered Corrective
- RES 4: 0.6429 High Dec 12
- RES 3: 0.6384 High Dec 13
- RES 2: 0.6307/31 50-day EMA / High Jan 24
- RES 1: 0.6244 20-day EMA
- PRICE: 0.6205 @ 07:55 GMT Feb 4
- SUP 1: 0.6088 Low Feb 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6000 Round number support
- SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing
The trend condition in AUDUSD remains bearish and the pair traded to a fresh cycle low on Monday. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. A continuation would open 0.6045, a Fibonacci projection. Moving average studies are in a bear-mode position and this highlights a dominant downtrend. Key resistance is at 0.6307, the 50-day EMA. Gains are - for now - considered corrective.
EQUITIES: Cash opening calls
European Equity futures are paring some of their losses, but overall they are some way short of Yesterday's big downside Opening Gaps on Tariffs Risk.
The Banking sector (SX7E) felt the brunt of it as Yields fell, but in Index could be in focus on the open, following the BNP beat this Morning, the most weighted within the index.
- Opening calls: Estox 50: +0.21%, Dax: +0.35%, CAC: -0.02%, FTSE -0.12%, SMI +0.37%.
