AUDUSD TECHS: Trend Needle Points North

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 152.70 50.0% retracement of the Jan 10 - Mar 11 bear leg  
• RES 2: 151.30 High Mar 3  
• RES 1: 150.96 50-day EMA and a key short-term resistance  
• PRICE: 150.57 @ 16:49 GMT Mar 26 
• SUP 1: 148.18/146.54 Low Mar 20 / 11 and the bear trigger   
• SUP 2: 147.57 1.0% 10-dma envelope
• SUP 3: 145.00 Round number support 
• SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg 

USDJPY continues to trade closer to its recent highs. The primary trend direction is down and recent gains are considered corrective. Resistance to watch is 150.96, the 50-day EMA. A clear break of this EMA would signal scope for a stronger rally. For bears, a resumption of weakness would refocus sights on key support and the bear trigger at 146.54, the Mar 11 low. Clearance of this level would resume the downtrend.  

Wednesday's U.S. rates options flow included:

• SFRZ5 95.62/95.37ps, bought for 1.75 in 60k total (pit and screen)
• SFRM5 95.50p, bought for half in 20k

• RES 4: 0.8494 High Aug 26 ‘24        
• RES 3: 0.8474 High Jan 20 and a key resistance
• RES 2: 0.8428/8450 High Mar 18 / 11 and the bull trigger
• RES 1: 0.8395 High Mar 24      
• PRICE: 0.8365 @ 16:47 GMT Mar 26 
• SUP 1: 0.8333 Low Mar 26
• SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg 
• SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg 
• SUP 4: 0.8241 Low Mar 3 and a key support 

EURGBP has traded lower before a mid-session rally. Wednesday’s strength off the intraday low highlights a possible reversal. A strong daily close Wednesday would strengthen the bullish significance of today’s bounce. Note that MA studies are in a bull-mode position. This suggests that the pullback from the Mar 11 high, has been a correction. Resistance to watch is 0.8395, the Mar 24 high. Key near-term support lies at 0.8333, today’s intraday low.