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.  

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 

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