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.
