Technical Analysis for AUD

Technical Analysis for AUD

The pair stabled above 1.0300 levels after breaching key resistance level of the descending channel which is considered positive and might extend the upside push to 1.0415 levels towards the minor resistance level 1.0355. Linear Regression Indicators support these positive expectations, but we should point out the importance of stability above 1.0245 levels for these expectations to remain valid, if not then the negative signals on momentum indicators will be activated.

The trading range for today is among key support at 1.0200 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: 1.0300, 1.0275, 1.0245, 1.0225, 1.0200
Resistance: 1.0355, 1.0375, 1.0415, 1.0430, 1.0495

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0300 targeting 1.0355, 1.0375 then 1.0415 and stop-loss with four-hour closing below 1.0245 might be appropriate