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AUD/USD chart on Trading View used for analysis
- AUD/USD trades 0.69% lower on the day at 0.7032 at the time of trading.
- The pair has hit new multi-month lows, levels unseen since Feb 2016.
- Major trend remains bearish. Price action grinds lower in sloping channel pattern.
- Technical studies support further weakness. We see no signs of reversal in the pair.
- Next major support lies at 0.6975 (channel base), breach there will accentuate weakness.
- On the flip side, 21-EMA at 0.7112 is strong resistance. Break above to see further gains.
Support levels - 0.70, 0.6975 (channel base)
Resistance levels - 0.7067 (5-DMA), 0.7112 (21-EMA)
Recommendation: Good to stay short on upticks, SL: 0.7112, TP: 0.70/ 0.6975
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
