AUD/USD

AUD/USD: technical analysis

AUD/USD, D1, On the daily chart, the pair is correcting up from the lower line of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is turning up, having tested the border of the oversold zone. The Composite is approaching its strong support.

AUD/USD, H4

On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is testing from below its longer MA. The Composite is growing, having broken out its longer MA.

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Key levels

Support levels: 0.7020 (October lows), 0.6900 (September 2015 lows), 0.6825 (January 2016 lows).

Resistance levels: 0.7100 (local highs), 0.7170 (local highs), 0.7200 (local highs).

Trading tips

There is a chance of an upward correction.

Long positions can be opened from current prices with targets at 0.7100, 0.7170 and stop-loss at 0.7020. Validity – 3-5 days.

Short positions can be opened from the level of 0.7020 with targets at 0.6900, 0.6825 and stop-loss at 0.7070. Validity – 3-5 days.

 

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 0.7055
Take Profit 0.7100, 0.7170
Stop Loss 0.7020
Key Levels 0.6825, 0.6900, 0.7020, 0.7100, 0.7170, 0.7200

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 0.7020
Take Profit 0.6900, 0.6825
Stop Loss 0.7070
Key Levels 0.6825, 0.6900, 0.7020, 0.7100, 0.7170, 0.7200

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