AUD/USD: technical analysis 15.10.2019

Current trend

On 4-hour chart, the instrument is consolidating around the middle line of the Bollinger Bands (0.67749). If the sellers manage to decline the rate below the level of 0.67643, the downward movement can continue to the area of 0.67509-0.67444. The area of 0.67444 level seem a strong support, which can activate an upward rebound. If the price cannot consolidate below the level of 0.67643 during short term period, the price can reverse and retest the resistance level of 0.67884.
The general upward trend will be restored after the price is set below the level of 0.67884.
In this case, the buyers will aim for the level of 0.68054-0.68102.
The technical picture is mixed. Bollinger Bands are converging on the background of bearish momentum. MACD histogram has moved to a decline, forming a weak sell signal. Bollinger Bands are pointed sideways.

Support and resistance

Support levels: 0.67643, 0.67509, 0.67444.
Resistance levels: 0.67749, 0.67884, 0.68054, 0.68102.

Trading recommendations

Short positions can be opened below the level of 0.67643 with the target at around 0.67509-0.67444 and stop-loss 0.67713.
Long positions can be opened above the level of 0.67884 with the target at around 0.68054-0.68102 and stop-loss 0.67811.

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