Back-to-back bearish patterns have occurred on weekly charts, while failure upswings at major resistances have evidenced declines below DMAs and breaks below supports with bearish SMA crossover on weekly terms.
You’ve seen the failure swings at the resistance of 0.7761 have evidenced declines below moving averages.
You could very well make out that the rejection below resistance of 0.7500 levels pushed below DMAs and for now, to break below the supports of 0.7439 levels.
The bearish crossover on SMAs has been observed on the weekly pattern (21SMA crosses over 7SMA), the break below support 0.7439 likely to bring in more slumps.
You should not isolate price action in an accurate technical study, well, that’s the reason we’ve taken volumes into consideration. As you could probably make out from the histograms showing rising volumes with dipping prices would imply that the trend going in bears favor.
Leading indicators (both RSI and stochastic curves) have been slightly indecisive but bearish bias.
The FxWirePro Currency AUD Index weakened after Q3 GDP posted an unexpected drop (The GDP fall, the biggest since 2008, is likely one of the biggest forecasting misses by the Reserve Bank of Australia), so, certainly not that considerable bullish signal for sure, while USD has also been slightly neutral for now. Intraday speculators, you could also effectively utilize FxWirePro currency strength index that measures the performance of the basket of eight currencies on an hourly basis.
Please refer below weblink for more details on indices:
http://fxwirepro.com/currencyindex
Contemplating all these insights, for today, on intraday speculative grounds (at spot ref: 0.7435) we recommend one touch binary put option for the targets of 30-40 pips.


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