AUD/USD: technical analysis 09.01.20
AUD/USD quotes continue to consolidate in the side channel 0.68484-0.68797 after a significant decline over the last week. Judging by the technical indicators, the instrument has the potential to further decline. The breakdown of 0.68665 and sustained trading below it will let the price to retest the 0.68484 support. Further close below this level may push AUD/USD even lower towards the area of 0.68359 support. This level seems key sellers target in a short term period and can activate an upward reverse.
If the "bulls" manage to raise the rate above the level of 0.68797, the correction can continue to the area of 0.68970, which coincided with the middle line of Bollinger Bands. The breakout and consolidation above it may be a start for the formation of the upward trend. In this case, the next targets of buyers will be the resistance level of 0.69275.
Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.
Bollinger Bands are pointed downwards.
MACD volumes are slightly decreasing in the negative zone, but still keeping a sell signal.
Stochastic is pointed sideways.
Support and resistance
Support levels: 0.68665, 0.68484, 0.68359.
Resistance levels: 0.68797, 0.68970, 0.69275.
Short positions can be opened below the level of 0.68665 with the target at around 0.68484-0.68359 and stop-loss at 0.68765.
Long positions can be opened above the level of 0.68970 with the target at around 0.69275 and stop-loss at 0.68868.