AUD/USD Technical Analysis: Trapped in falling channel, hits session lows on risk aversion
|Trapped in a falling channel, the AUD/USD pair is currently trading at the session low of 0.7143 amid risk aversion in the equity markets.
4-hour chart
The pair has charted a descending broadening channel on the 4-hour chart. The RSI is biased bearish below 50.00.
The lower edge of the channel, currently at 0.7121, could be put to test in the next few hours as the International Monetary Fund's (IMF) downward revision of global growth forecasts has not gone down well with the investor community. This is evident from the risk aversion in the Asian stocks. The futures on the S&P 500are also reporting a 0.54 percent drop.
Further, fading prospects for US-China trade accord could keep the risk assets under pressure.
Channel breakdown (a move below 0.7121), if confirmed, would imply an end of the corrective bounce from the recent lows below 0.70. Meanwhile, the upper edge of the channel, currently at 0.72, is the level to beat for the bulls.
Trend: Bearish
AUD/USD
Overview:
Today Last Price: 0.7141
Today Daily change: -0.0018 pips
Today Daily change %: -0.25%
Today Daily Open: 0.7159
Trends:
Daily SMA20: 0.7117
Daily SMA50: 0.7183
Daily SMA100: 0.7171
Daily SMA200: 0.7314
Levels:
Previous Daily High: 0.7182
Previous Daily Low: 0.7139
Previous Weekly High: 0.7226
Previous Weekly Low: 0.7146
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Daily Fibonacci 38.2%: 0.7156
Daily Fibonacci 61.8%: 0.7166
Daily Pivot Point S1: 0.7138
Daily Pivot Point S2: 0.7117
Daily Pivot Point S3: 0.7095
Daily Pivot Point R1: 0.7181
Daily Pivot Point R2: 0.7203
Daily Pivot Point R3: 0.7225
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