Technical Analysis for AUD

Technical Analysis for AUD

The pair moved to the upside again and stabled above key resistance level of the descending channel and pair stabled also above Linear Regression Indicators. Therefore, the upside move might extend today but the pair has to stable above 1.0300 levels. Breaking 1.0200 levels might trigger a negative technical formation that takes the pair in another bearish wave.

The trading range for today is among key support at 1.0135 and key resistance at 1.0415.

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

Support: 1.0245, 1.0225, 1.0200, 1.0185, 1.0165
Resistance: 1.0300, 1.0355, 1.0375, 1.0415, 1.0430

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0245 targeting 1.0300, 1.0355 then 1.0415 and stop-loss with four-hour closing below 1.0200, and in case of stop-loss, selling the pair below 1.0200 targeting 1.0165, 1.0135 and 1.0100 and stop-loss above 1.0245 might be appropriate