AUD/USD: technical analysis 13.08.2019

AUD/USD: technical analysis 13.08.2019

Current trend

On 4-hour chart, AUD/USD is correcting up from the lower line of the Bollinger Bands. The price bounced off the 0.67467 support but is yet to cross the 0.67800 resistance (the middle line of Bollinger Bands). The breakout of the level 0.67800 will let the price to grow to the area of 0.67952 – 0.68054 (Murray [3/8]). If AUD/USD cannot consolidate above the level of 0.67800 during short term period, the downward movement restoration and retest of the level 0.67444 (Murray [1/8]) are possible. The breakdown and consolidation of the price below the level of 0.67444 will let AUD/USD fall to the level of 0.67257-0.67139 (Murray [0/8]). The level of 0.67139 seem a key level for the short term sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue. The technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are in the negative zone and are moving along the zero line. Stochastic’s lines are pointed upwards.

Support and resistance

Support levels: 0.67444, 0.67257, 0.67139.
Resistance levels: 0.67800, 0.67952,0.68054.

Trading recommendations

Short positions can be opened below the level of 0.67444 with the target at around 0.67257 and stop-loss 0.67506.
Long positions can be opened above the level of 0.67800 with the target at around 0.67952 and stop-loss 0.67749.