AUD/USD: technical analysis
08 May 2018, 10:45
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 0.7470 |
| Take Profit | 0.7380, 0.7330 |
| Stop Loss | 0.7525 |
| Key Levels | 0.7330, 0.7380, 0.7470, 0.7600, 0.7640, 0.7750 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.7640 |
| Take Profit | 0.7750 |
| Stop Loss | 0.7600 |
| Key Levels | 0.7330, 0.7380, 0.7470, 0.7600, 0.7640, 0.7750 |
AUD/USD, D1
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is turning down again, having just left the oversold zone. The Composite is testing its longer MA.
AUD/USD, H4
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI turned up, having failed its longer MA. The Composite is testing its longer from below.
Key levels
Support levels: 0.7470 (local lows), 0.7380 (October 2015 highs), 0.7330 (May 2017 lows).
Resistance levels: 0.7600 (local highs), 0.7640 (March lows), 0.7750 (March 2017 highs).
Trading tips
The price is consolidating below its previous ascending trendline. The fall is likely to continue.
Short positions can be opened from the level of 0.7470 with targets at 0.7380, 0.7330 and stop-loss at 0.7525. Validity – 3-5 days.
Long positions can be opened from the level of 0.7640 with the target at 0.7750 and stop-loss at 0.7600. Validity – 3-5 days.
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is turning down again, having just left the oversold zone. The Composite is testing its longer MA.
AUD/USD, H4
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI turned up, having failed its longer MA. The Composite is testing its longer from below.
Key levels
Support levels: 0.7470 (local lows), 0.7380 (October 2015 highs), 0.7330 (May 2017 lows).
Resistance levels: 0.7600 (local highs), 0.7640 (March lows), 0.7750 (March 2017 highs).
Trading tips
The price is consolidating below its previous ascending trendline. The fall is likely to continue.
Short positions can be opened from the level of 0.7470 with targets at 0.7380, 0.7330 and stop-loss at 0.7525. Validity – 3-5 days.
Long positions can be opened from the level of 0.7640 with the target at 0.7750 and stop-loss at 0.7600. Validity – 3-5 days.
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