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AUD/USD: technical analysis 20.12.19

Current trend

AUD/USD is in the stage of a downward correction after growing to the resistance level of 0.69000 but the general upward trend is still maintained. The decisive break of 0.69000 is needed to indicate uptrend resumption. In this case, the next targets of buyers will be the area of levels 0.69275-0.69380.

Alternative scenario

If the sellers manage to decline the rate below the level of 0.68822, the decline can continue to the area of 0.68665 support. The area of 0.68665-0.68605 can activate an upward rebound. However, the breakdown of 0.68605 level will be a signal for downward trend resumption and let the price fall to the 0.68359 support.

Technical indicators

The technical picture is mixed.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in the positive zone., keeping a buy signal.

Stochastic is preparing to exit the overbought zone and is directed downwards, signaling the development of a downward correction.

Support and resistance

Support levels: 0.68822, 0.68665, 0.68359.
Resistance levels: 0.69000, 0.69275, 0.69380.

Trading recommendations

Short positions can be opened below the level of 0.68822 with the target at around 0.68605 and stop-loss at 0.68894.
Long positions can be opened above the level of 0.69000 with the target at around 0.69275 and stop-loss at 0.68905.

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