AUD/USD: technical analysis 18.06.2019

AUD/USD: technical analysis 18.06.2019

Current trend

On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. At the moment the price has met the support at the level of 0.6835 (Murray [0/8]). The breakdown and consolidation of the price below the level of 0.6835 will let AUD/USD reach the level of 0.6805 (Murray [-1/8])-0.6774 (Murray [-2/8]). Alternatively, pullback above the level of 0.6879 could lead the price to the 0.6897 (Murray [2/8]) and 0.6927 (Murray [3/8]) level. Meanwhile, any attempted recovery seems more likely to get sold into aggressively near the 0.6879 region. Technical indicators reflect the moderate maintenance of the current downward trend. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is in the oversold zone and is pointed sideways.

Support and resistance

Support levels: 0.6835, 0.6805, 0.6774.
Resistance levels: 0.6866, 0.6897, 0.6927.

Trading recommendations

Short positions can be opened below the level of 0.6835 with the target at around 0.6805 and stop-loss 0.6845.
Long positions can be opened above the level of 0.6879 with the target at around 0.6897-0.6927 and stop-loss 0.6842.