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AUD/USD: technical analysis 14.01.20

Current trend

AUD/USD quotes attempted to decline, but reaching 0.68843 mark (the middle line of Bollinger Bands) moved to an upward correction, but the general downward trend is not excluded. The breakdown of 0.68843 and sustained trading below this level will give a prospect of decline to 0.68665 support. Should prices continue slipping under 0.68660 the area of the level of 0.68515-0.68359 will be the key support area that can activate an upward rebound.

Alternative scenario

If the "bulls" manage to raise the rate above the level of 0.69076, the correction can continue to the area of 0.69275. The decisive break of this level is needed to indicate the upward trend resumption. In this case, the next targets of buyers will be the level of 0.69580.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed upwards.

MACD volumes are in the positive zone and are moving along the zero line, reflecting the relative calmness of the markets and sideways movement of the price.

Stochastic’s lines are pointed downwards and are reaching the oversold area. , keeping a sell signal.

Support and resistance

Support levels: 0.68843, 0.68665, 0.68359.
Resistance levels: 0.69076, 0.69275, 0.69580.

Trading recommendations

Short positions can be opened below the level of 0.68843 with the target at around 0.68665 -0.68515 and stop-loss at 0.68952.
Long positions can be opened above the level of 0.69275 with the target at around 0.69580 and stop-loss at 0.69173.

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