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AUD/USD: TECHNICAL ANALYSIS 23.10.2019

Current trend

AUD/USD is in the stage of upward correction after falling to the level of 0.68332. The first target of the correction is the level of 0.68554, which corresponds to the middle line of Bollinger Bands. There is a chance of an downward rebound, while its breakout would allow the growth to continue to the area of 0.68665-0.68778 levels.
Alternative scenario.
If AUD/USD cannot consolidate above the level of 0.68554, the downward movement restoration and retest of the support level 0.68359 are possible. One may speak about downward movement continuation after the price consolidates below the level of 0.68332. In this case, the next targets of sellers will be the level of 0.68054.
The technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are decreasing in the positive zone. Stochastic is directed upwards, signaling the development of an upward correction.

Support and resistance

Support levels: 0.68359, 0.68054, 0.67749.
Resistance levels: 0.68554, 0.68778, 0.68970.

Trading recommendations

Long positions can be opened above the level of 0.68554 with the target at around 0.68778 and stop-loss 0.68479.
Short positions can be opened below the level of 0.68332 with the target at around 0.68054 and stop-loss 0.68424.

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