AUD/USD: TECHNICAL ANALYSIS 28.10.2019Published: 28 October 2019
The AUD/USD pair begins today’s trading with a slight bearish bias. The price is approaching strong support in the region of 0.68054. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.67902-0.67749 level. The area of 0.67749 level will be a key zone for the short term sellers.
If the instrument cannot consolidate below the level of 0.68054 during the short term period, the correction to the area of the level of 0.68253-0.68359 can develop. The area of 0.68359 is the key correction' target. There is a chance of a downward rebound, while its breakout will be a signal for upward trend resumption. In this case, the next targets of buyers will be the level of 0.68567.
Technical indicators maintain a sell signal. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic’s lines are pointed downwards and are reaching the oversold area.
Support and resistance
Support levels: 0.68054, 0.67902, 0.67749.
Resistance levels: 0.68253, 0.68359, 0.68567.
Long positions can be opened above the level of 0.68253 with the target at around 0.68359-0.68567 and stop-loss 0.68148.
Short positions can be opened below the level of 0.68054 with the target at around 0.67902-0.67749 and stop-loss 0.68155.