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AUD/USD: technical analysis 04.12.2019

Current trend

The AUD/USD pair begins today’s trading with bearish bias due to correction. If the current trend maintains, the pair will decline to 0.68054 support. This level seems a key target of the downward correction. 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.

Alternative scenario

The pullback above 0.68359 could lead the price back to 0.68512-0.68614 resistance. One may speak about upward movement continuation after the price consolidates above the resistance level of 0.68665. In this case, the next targets of buyers will be the level of 0.68860.

Technical indicators mostly reflect the moderate maintenance of the current downward trend.
MACD histogram has moved to a decline in the positive zone, forming a weak sell signal.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.
Bollinger Bands are pointed upwards.

Support and resistance

Support levels: 0.68207, 0.68054, 0.67902.
Resistance levels: 0.68359, 0.68512, 0.68665.

Trading recommendations

Short positions can be opened below the level of 0.68207 with the target at around 0.68054-0.67902 and stop-loss at 0.68307.
Long positions can be opened above the level of 0.68359 with the target at around 0.68512-0.68614 and stop-loss at 0.68274.

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