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AUD/USD: technical analysis 04.10.2019

Current trend

On 4-hour chart, the instrument shows a positive dynamic. If the current trend maintains the next targets of buyers will be the level of 0.67749 (Murray [6/8]). There is a strong resistanze at the area of 0.67749-0.67766, which can activate a downward rebound. Meanwhile, the breakout and pair’s sustained trading above 0.67766 level will let the price grow to 0.68000 resistance. Alternative scenario. Pullbacks below the level of 0.67444 could lead the price to the 0.67369-0.67139 (Murray [4/8]) level. The level 0.67139 will be a key target of potential downward correction. Technical indicators reflect the moderate maintenance of the current upward trend. The volumes of MACD histogram are growing in the positive zone. MACD is slowly growing in the positive zone. Bollinger Bands are pointed sideways.

Support and resistance

Support levels: 0.67444, 0.67369, 0.67139.
Resistance levels: 0.67577, 0.67749, 0.68000.

Trading recommendations

Long positions can be opened above the level of 0.67749 with the target at around 0.68000 and stop-loss 0.67665.
Short positions can be opened below the level of 0.67444 with the target at around 0.67369-0.67139 and stop-loss 0.67545.

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