AUD/USD: technical analysis 06.09.2019

AUD/USD: technical analysis 06.09.2019

Current trend

AUD/USD quotes attempted to fall, but reaching 0.68066 mark moved to a moderate growth. The instrument is now testing the resistance level of 0.68207 (Murray [7/8]). Assuming the pair’s ability to cross this level, the mark of 0.68359 (Murray [8/8]) can be targeted if holding long positions. Should prices continue raising above 0.68359 mark, the level of 0.68512 might try activating a downard rebound. The downward trend will be restored after the price is set below the level of 0.68054 (Murray [6/8]). In this case, the next targets of sellers will be the level of 0.67902 (Murray [5/8]). Technical picture is mixed. Bollinger Bands are pointed upwards. MACD volumes are decreasing in the positive zone. Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.68054, 0.67902, 0.67749.
Resistance levels: 0.68207, 0.68359, 0.68512.

Trading recommendations

Long positions can be opened above the level of 0.68207 with the target at around 0.68359-0.68512 and stop-loss 0.68105.
Short positions can be opened below the level of 0.68054 with the target at around 0.67902-0.67749 and stop-loss 0.68155.