FxWirePro: AUD/USD weekly technicals in tandem with major trend, bears slide through sloping channel – Boundary binaries to speculate

The bearish crossover on SMAs has been observed on the weekly pattern, the break below support 0.7439 likely to bring in more slumps.

Well, you’ve seen the failure swings at the resistance of 0.7761 have evidenced declines below moving averages.

You should not isolate price action in an accurate technical study, well, that’s the reason we’ve taken volumes into consideration. As you could probably make out from the histograms showing rising volumes with dipping prices would imply that the trend going in bears favor.

MACD’s bearish crossover signals the downswings likely to extend further.

In a broader perspective, the major downtrend has been sliding in the sloping channel that has been long lasting.

For now, the bears resume at channel resistance at a round 0.7688 and prices began dropping since then, the major downtrend for now, seems to have resumed again.

The divergence between recent price gains and RSI is indicating the strength in selling interests, while stochastic curves evidence the %D crossover that signals that the selling momentum is intensified.

Massive volumes are in conformity to the price declines even on the monthly terms.

Intraday speculators, you could also effectively utilize FxWirePro currency strength index that measures the performance of the basket of eight currencies on an hourly basis.

The FxWirePro Currency AUD Index strengthened and signaling extreme bullish sentiments, while USD has been slightly weaker for now.

Please refer below weblink for more details on indices:

http://fxwirepro.com/currencyindex

Contemplating all these insights, for today, on intraday speculative grounds (at spot ref: 0.7478) we recommend boundary binaries with upper strikes of 0.7518 and lower strikes of 0.7448, favoring AUD bullishness we keep 40 pips on the north and 30 pips on the south as targets.