Technical Analysis for AUD

Technical Analysis for AUD

The sharp rise yesterday took the pair to trade above 1.0310 levels and managed to touch above 1.0345 levels and stabilize above it. The sharp rise proved that 1.0275 levels has become a strong support that we can suggest some upside move from where we can see an attempt to retest the bullish support level that was breached earlier and became resistance. Stabilizing again below 1.0275 levels weakens the upside correction possibility.

The trading range for today is among key support at 1.0135 and key resistance at 1.0475.

The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.

Support: 1.0310, 1.0275, 1.0220, 1.0180, 1.0165
Resistance: 1.0345, 1.0385, 1.0400, 1.0430, 1.0475

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.0275 targeting 1.0220, 1.0185 then 1.0135 and stop-loss with four-hour closing above 1.0345 might be appropriate