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AUD/USD: technical analysis 01.10.2019

Current trend

On 4-hour chart, the instrument shows a negative dynamic. The price is approaching a strong support in the region of 0.67139 (Murray [4/8]). There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to 0.67045 level. Should prices continue slipping under 0.67045 mark, the level of 0.66833 might try activating a upward rebound.
Alternative scenario. Pullback and pair’s sustained trading above the level 0.67315 will let the price to grow to the area of 0.67444-0.67528 area. The level of 0.67528 seem a key target for upward correction and can prevent the instrument from growing, as the possibility of the reverse of the price is high there. One may speak about upward movement continuation after the price consolidates abve the resistance level of 0.67528. In this case, the next targets of buyers will be the level of 0.67749 (Murray [6/8]). Technical indicators maintain a sell signal. Bollinger Bands are diverging on the background of bearish momentum. The volumes of MACD histogram are growing in the negative zone. Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 0.67139, 0.67045, 0.66833.
Resistance levels: 0.67315, 0.67444, 0.67528.

Trading recommendations

Short positions can be opened below the level of 0.67139 with the target at around 0.67045-0.66833 and stop-loss 0.67241.
Long positions can be opened above the level of 0.67315 with the target at around 0.67444-0.67528 and stop-loss 0.67244.

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