AUD/USD: technical analysis 08.10.2019

Current trend

AUD/USD is in the stage of upward correction after falling to the level of 0.67281. If the "bulls" manage to raise the rate above the resistance level of 0.67503, the correction can continue to the area of 0.67619. Assuming the pair’s ability to cross this level, the mark of 0.67749 can be targeted if holding long positions. The area of 0.67749-0.67790 levels is an important area of resistance to watch in the short-term period. There is a chance of an downward rebound, while its breakout could trigger pairs fresh run-up to a two weeks high surrounding 0.68054.
Alternative scenario.
If AUD/USD cannot consolidate above the level of 0.67503 during short term period, the downward movement and retest of the support level 0.67281 are possible.
The downward trend will be restored after the price is set below the level of 0.67281. In this case, the next targets of sellers will be the level of 0.67139 (Murray [4/8])-0.67092.
Technical indicators mostly reflect the moderate maintenance of the current upward trend. Bollinger Bands are pointed upwards. MACD volumes are in the positive zone and are moving along the zero line. Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of the upward movement formation.

Support and resistance

Support levels: 0.67291, 0.67139, 0.67092.
Resistance levels: 0.67503, 0.67619, 0.67749, 0.67902.

Trading recommendations

Long positions can be opened above the level of 0.67503 with the target at around 0.67619-0.67749 and stop-loss 0.67421.
Short positions can be opened below the level of 0.67291 with the target at around 0.67139-0.67092 and stop-loss 0.67357.

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