AUD/USD: technical analysis 15.05.2019

AUD/USD: technical analysis 15.05.2019

Current trend

On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. The lack of long-term corrections reflects the strength of the current trend. At the moment the price has met the support at the level of 0.6927 (Murray [3/8]). If the current trend maintains, the next targets of sellers will be the area of levels 0.6897 (Murray [2/8])-0.6866 (Murray [1/8]). The key level for the sellers will be the level of 0.6835 (Murray [0/8]). Alternatively, pullback above the level of 0.6958 (Murray [4/8]) will let the price to grow to the area of 0.6988(Murray [5/8])-0.7019 (Murray [6/8]). Technical indicators reflect the moderate maintenance of the current downward trend. Bollinger Bands are pointed downwards. MACD is growing in the negative zone. Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 0.6927, 0.6897, 0.6866, 0.6835.
Resistance levels: 0.6958, 0.6988, 0.7019, 0.7049.

Trading recommendations

Short positions can be opened below the level of 0.6927 with the target at around 0.6897-0.6866 and stop-loss 0.6947.
Long positions can be opened above the level of 0.6958 with the target at around 0.6988-0.7019 and stop-loss 0.6938.