Chart - Courtesy Trading View
Technical Analysis:
GMMA Indicator
- GMMA indicator shows near-term trend is strongly bearish
- Long-term trend is turning bearish with constriction on long-term moving averages
Ichimoku Analysis
- Price action is consolidating break below daily cloud
Oscillators
- Stochs and RSI are bearishly aligned
- RSI is well below the 50 mark, supporting weakness
Bollinger Bands
- Volatility is high as evidenced by widening Bollinger bands
Major Support and Resistance Levels:
Support - 0.7250 (trendline), Resistance - 0.7306 (5-DMA)
Summary: AUD/USD trades with a bearish bias. Price action is consolidating break below daily cloud. The pair finds strong support at 0.7250 (trendline), break below will see downside resumption.
