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Shooting star pattern candles have occurred at 0.8051 and again at 0.8033 levels on AUDUSD peaks of rallies. Consequently, bears have managed to show their effects by evidencing price dips (refer daily chart).
The stiff resistance level is observed at 0.8075 – 0.8125 range, while the strong support is seen at 0.7875 – 0.78 levels.
For now, we foresee more slumps as it slid below DMAs and 7DMA crosses below 21DMA which is a bearish crossover.
Thereby, the short-term trend seems weaker upon above mentioned shooting stars formation, while bearish RSI divergence in conjunction with stochastic and MACD also substantiate the weakness.
On the contrary, we’ve already stated in our previous post that the major trend has now been in consolidation phase breaking above range, as the current prices are spiking above EMAs, but for now, we get a little scepticism on further rallies (refer monthly charts) as the major trend is bearish biased.
No doubt, the range resistance is broken in the major trend but most likely gravestone has occurred in this month to counter these rallies (refer monthly chart). Thus, it is wise to expect more rallies only on the sustenance above.
Both leading oscillators (RSI & stochastic) on this timeframe, indicate overbought pressures, while lagging oscillators signal consolidation phase to prolong further.
Momentum indicator (on daily chart) have been evidencing bearish divergence that signals the losing strength in the previous bullish sentiments. But on monthly terms it is evidencing upward convergence but signalling faded strength in consolidation phase.
Hence, contemplating above technical rationale, at spot reference: 0.7945 the intraday speculators can eye on southward targets upto 0.7910 levels where we stated a strong support, so, snap rallies and deploy tunnel spreads to participate in potential dips (i.e. further downward travel of another 35 pips for the day) as we don’t see any dramatic buying interest for now.
Use upper strikes at around 0.7970 and lower strikes at around 0.7910-7900).
Currency Strength Index: FxWirePro's hourly AUD spot index has shown -43 (which is mildly bearish), while hourly USD spot index was at 93 (bullish) at 06:04 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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