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FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Daily - major and minor trend is bearish

- Hourly - major and minor trend are neutral

Ichimoku Analysis

- Daily charts, price action is well below daily cloud

- Price action is consolidating break below weekly chart

Oscillators

- RSI is on verge of rollover from oversold levels

- Stochs are at oversold levels

Bollinger Bands

- Bollinger bands are spread wide apart

- Volatility is high

Major Support Levels: 0.7060 (trendline support), 0.7051 (38.2% Fib)

Major Resistance Levels: 0.7185 (200H MA), 0.7251 (21-EMA)

Summary: AUD/USD has bounced off major trendline support with a Spinning Top formation. Price action has edged above 5-DMA. Major trend is bearish, but oscillators are showing a bullish rollover from oversold levels, raising scope for some upside. 
 

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