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  |   Technicals


FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

GMMA Indicator

- Near and long term moving averages are biased lower on the daily charts

- Major and minor trend is strongly bearish

Ichimoku Analysis

- Price action is below daily and weekly cloud 

- Chikou span is biased lower on the weekly charts


- Stochs and RSI are sharply lower, momentum is strongly bearish

- Oscillators are in oversold territory and may cause some pullbacks

Bollinger Bands

- Volatility is high as evidenced by widely spread Bollinger bands

Major Support Levels: 0.7193 (200-week MA), 0.7153 (Lower W BB)

Major Resistance Levels: 0.7214 (5-DMA)0.7268 (200H MA)

Summary: AUD/USD pivotal at 200-week MA support. Technical indicators are biased lower, but decisive break below 200-week MA required for further downside. 

Oversold conditions warrant some caution. Pullbacks if any are likely to be shallow. Break above 21-EMA could change near-term trend. Bearish invalidation only above 200-DMA. 

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