AUD/USD Technical Analysis: Big bears keep Aussie near 2018 lows targeting 0.7000 figure

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.

Flavio Tosti Independent Analyst

AUD/USD 4-hour chart

Spot rate: 0.7110
Relative change: 0.08%
High: 0.7133
Low: 0.7098

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

Author

Flavio Tosti

Independent Analyst

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