- AUD/USD main bear trend remains intact as it is consolidating within Friday’s range as some market participants are booking some profits.
- AUD/USD is trading well below its 50, 100 and 200-day simple moving averages within a bear channel with the RSI, MACD and Stochastics indicators in bearish territories. The main bearish target is seen at the 0.7000 figure.
- A sustained bull breakout above 0.7200 figure (August 15 low) would invalidate the bearish bias.
AUD/USD 4-hour chart
Spot rate: 0.7110
Relative change: 0.08%
Main trend: Bearish
Resistance 1: 0.7144 September 5 low
Resistance 2: 0.7200 figure August 15 low
Resistance 3: 0.7236 August 24 low
Resistance 4: 0.7255 August 13 low
Resistance 5: 0.7294 August 13 high
Support 1: 0.7100 figure
Support 2: 0.7000 figure
Support 3: 0.6830 January 15, 2016 low
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