AUD/USD technical analysis: Drops below 0.68, key indicator is teasing bearish reversal
|- AUD/USD looks south with the daily MACD teasing a drop below zero.
- A break above 0.6895 is needed to confirm a bullish reversal.
Australian Dollar is being offered in response to the drop in the Australian full-time jobs in August.
AUD/USD is now trading at session lows near 0.6790 and could continue to slide in the short-run, as the widely-tracked trend indicator - the moving average convergence divergence histogram - is about to turn bearish with a drop below zero.
The 5- and 10-day moving averages (MAs) have also produced a bearish crossover.
Further, the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print.
The case for a retest of recent lows below 0.67 would weaken if the pair rises above the daily high of 0.6831, although, as of now, that looks unlikely.
Further, the outlook would turn bullish if and when the pair finds acceptance above 0.6895, invalidating the lower highs created on Sept. 12.
Daily chart
Trend: Bearish
Technical levels
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.