AUD/USD: technical analysis 28.03.2018

AUDUSDH428032018

Current trend

On 4-hour chart, AUD/USD shows a negative dynamic. The lack of long-term corrections reflects the strength of the current trend.

AUD/USD price is now trying to consolidate below the level of 0.7690 (Murray [0/8]).

Breakout and consolidation of the price below this level will let AUD/USD reach the level of 0.7659 (Murray [-1/8]), 0.7629 (Murray [-2/8]), where is a high chance of a upward reverse. Technical indicators reflect the maintenance of the downward potential. Bollinger Bands are diverging, reflecting the development of the current trend. MACD volumes are growing in negative zone. Stochastic lines are pointed sideways.

Support and resistance

Support levels: 0.7690, 0.7659, 0.7629.

Resistance levels: 0.7720, 0.7751, 0.7782.

Trading recommendations

Short positions can be opened below the level of 0.7690 with the target at around 0.7659-0.7629 and stop loss 0.7710.

Long positions can be opened after the price rebound from the level of 0.7629 with targets at 0.7690 and stop-loss at 0.7610.