AUDUSD Outlook: Aussie holds in extended consolidation before broader bears resume

Slobodan Drvenica Windsor Brokers

AUDUSD

Bears are taking a breather above new over 2 ½ year low at 0.7085, but upside attempts were so far limited.
Selling Aussie remains favored as hedge on rising fears about trade war escalation, with upticks seen as positioning ahead of fresh weakness.
Rising momentum, which formed bull-cross and bullish divergence on oversold daily slow stochastic are supportive for further recovery attempts, but extended upticks are expected to be capped by falling 10SMA (0.7168) and former low of 15 Aug at 0.7202.
Only sustained break here would sideline bears and signal stronger correction.

Res: 0.7144; 0.7168; 0.7202; 0.7243
Sup: 0.7085; 0.7022; 0.7000; 0.6954

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7185
2. R2 0.7157
3. R1 0.714
PP 0.7112
1. S1 0.7095
2. S2 0.7067
3. S3 0.705

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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