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AUD/USD: technical analysis 06.01.20

Current trend

The AUD/USD pair begins today’s trading with a slight downward gap. Price has tested the local minimum at 0.69389 but cannot break through it. Assuming the pair’s ability to cross this level in the short term period, the mark of 0.69275 can be targeted if holding short positions. This level can activate an upward rebound, while its breakdown would allow the fall to continue to the area of 0.68970 support.

Alternative scenario

If the "bulls" manage to raise the rate above the resistance area of 0.69580-0.69645, the correction can continue to the area of 0.69885. This area is coincided with the middle line of Bollinger Bands and seems a key target of the upward movement.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are diverging on the background of bearish momentum.

MACD is growing in a negative zone.

Stochastic is pointed downwards.

Support and resistance

Support levels: 0.69275, 0.68970, 0.68665.
Resistance levels: 0.69580, 0.69885, 0.70190.

Trading recommendations

Short positions can be opened below the level of 0.69275 with the target at around 0.68970 and stop-loss at 0.69376.
Long positions can be opened above the level of 0.69580 with the target at around 0.69885 and stop-loss at 0.69478.

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