AUD/USD: Rejected at technical cluster, has room to the downside - Confluence Indicator
|The Technical Confluences Indicator shows a dense cluster of indicators around A$0.7710-0.7713 on the AUD/USD. The indicators include the Fibo 38.2% 1d, the Bolinger Bands 1d-Lower Stdv 2.2, SMA 5-4h, SMA200-15m, the SMA50-1h and more.
The pair traded around this cluster and was rejected, falling below 0.7700. The next cluster of confluences appears only at 0.7662. This includes the PP 1M S1, the Fibo 161.8% 1d and more.
Below this cluster of technical levels, the road is open towards 0.7500. On the topside, a confluence of indicators awaits only at 0.7778.
Here is how it looks on the tool:
The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.