Chart - Courtesy Trading View
Technical Analysis:
GMMA Indicator
- Major and minor trend are bearish on the daily and weekly charts
- Minor trend shows bullish shift on the hourly charts
Ichimoku Analysis
- Price action is well below daily and weekly cloud
- Chikou span shows some upside on the daily charts
Oscillators
- RSI showing a rollover from oversold levels
- Stochs are at oversold, momentum bearish
Bollinger Bands
- Wide spread, suggesting high volatility
Major Support Levels: 0.7065 (5-DMA), 0.6995 (Lower BB)
Major Resistance Levels: 0.7111 (200H MA), 0.7185 (200-week MA)
Summary: AUD/USD trades with a bearish bias. Recovery is likely to be short lived.
