Technical Analysis for AUD

Technical Analysis for AUD

The AUD/USD dropped at the beginning of this week however that drop remained limited in areas above 1.0300. Stability above that level helps us maintain our positive forecasts but, the pair is currently trading above Linear Regression Indicators and Stochastic is reflecting a negative bias. Therefore, we expect to see a major volatility and perhaps a slight drop. The bullish channel shown in backs our positive forecasts.

The trading range expected for this week is between the key support at 1.0200 and the key resistance at 1.0545

The short-term trend is upside targeting 1.0710 if 0.9400 remains intact

Support: 1.0355, 1.0300, 1.0270, 1.0225, 1.0200
Resistance: 1.0415, 1.0440, 1.0465, 1.0500, 1.0545

Recommendation Based on the above graph and explanation, we recommend buying the pair above 1.0355 targeting 1.0415, 1.0495 and 1.0545 and stop-loss at four-hour closing below 1.0270 this week.