AUD/USD Technical Analysis: Aussie bulls keep the market above 0.7100 figure

  • AUD/USD is in a bear trend as it is trading below its 100 and 200-period simple moving average on the 4-hour chart.
  • AUD/USD found a bottom at 0.7041 as the bulls created a lower low with the September low. The RSI and the Stochastic indicators are trading above the 50 line and the MACD is bullish. A short-term bullish bias is maintained while the current October low at 0.7041 underpins on a daily chart closing basis.
  • Upside targets can be located near 0.7144 (September 5 low) and 0.7200 figure.

AUD/USD 4-hour chart

Spot rate:                 0.7115
Relative change:     -0.1 %     
High:                        0.7141
Low:                         0.7111

Main trend:              Bearish
Short-term trend:     Bullish above 0.7041

Resistance 1:          0.7144 September 5 low
Resistance 2:          0.7200 figure August 15 low
Resistance 3:          0.7300 figure

Support 1:               0.7100 figure
Support 2:               0.7085, September 11 low
Support 3:               0.7041 October low
Support 4:               0.7000 figure
Support 5:               0.6830 January 15, 2016 low 

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