AUD/USD Technical Analysis: Bottom at 0.7041 holds as bulls plan to give another go at 0.7200 target

  • AUD/USD is in a bear trend as it is trading below its 50, 100 and 200-period simple moving average on the 4-hour chart.
  • AUD/USD bottomed out 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. An overall 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:      0.89%     
High:                        0.7129
Low:                         0.7045

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

Resistance 1:          0.7100 figure
Resistance 2:          0.7144 September 5 low
Resistance 3:          0.7200 figure August 15 low

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

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