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FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Major and minor trend are strongly bearish on daily and intraday charts

Ichimoku Analysis

- Price action is well below the daily cloud

- On the weekly charts, the pair has closed below the weekly cloud

Oscillators

- Momentum is strongly bearish

- Oversold conditions may see some pullbacks

Bollinger Bands

- Bollinger bands are wide spread

- Volatility is high

Major Support Levels: 0.7104 (Lower BB), 0.70 (Oct 2020 low), 0.6991 (Nov 2020 low)

Major Resistance Levels: 0.7171 (5-DMA), 0.72 , 0.7221 (200H MA)

Summary: AUD/USD trades with a strong bearish bias. Minor pullbacks likely on account of oversold conditions. Scope for test of fresh multi-month lows. 
 

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