Technical Analysis for AUD

Technical Analysis for AUD

The pair extended its positive trading since breaching resistance level of the downside move, today we find it stable above 50% correction at 1.0355. Stability above the referred to level will extend the upside move reaching 1.0415 levels, breaching it might extend positivity. Stability above 1.0300 levels will support our expectations.

The trading range for today is among key support at 1.0300 and key resistance at 1.0495.

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

Support: 1.0355, 1.0300, 1.0275, 1.0245, 1.0225
Resistance: 1.0375, 1.0415, 1.0430, 1.0495, 1.0545

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0355 targeting 1.0415, 1.0430 then 1.0495 and stop-loss with four-hour closing below 1.0300 might be appropriate