AUD/USD: technical analysis 17.12.19
On the 4-hour chart, the instrument keeps a negative dynamic. Now the pair is trying to consolidate below the support 0.68606. Assuming the pair’s ability to cross this level, the mark of 0.68512 and the 0.68359 can be targeted if holding short positions.
The rebound from 0.68606 and pullback above 0.68741 will be a signal for upward correction formation and let the price grow to the area of 0.68890 (the middle line of Bollinger bands). This level seems a key correction target that can activate a downward rebound. One may speak about upward movement continuation after the price consolidates above the resistance level of 0.68970. In this case, the next targets of buyers will be the area of levels 0.69275-0.69380.
Technical indicators maintain a sell signal.
Bollinger Bands are diverging on the background of bearish momentum.
MACD volumes are decreasing in the positive zone.
Stochastic is pointed downwards.
Support and resistance
Support levels: 0.68606, 0.68359, 0.68054.
Resistance levels: 0.68741, 0.68970, 0.69275.
Short positions can be opened below the level of 0.68606 with the target at around 0.68359 and stop-loss at 0.68688.
Long positions can be opened above the level of 0.68970 with the target at around 0.69275 and stop-loss at 0.68868.