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FxWirePro: AUD/USD Daily Outlook

AUD/USD chart - Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Major trend is neutral, minor trend is bearish on the daily charts

- Major trend is turning bullish, minor trend is bullish on the weekly charts

Ichimoku Analysis

- Downside price action has held support at cloud base on the daily charts

- The pair trades well above weekly cloud

Oscillators

- Stochs and RSI are biased lower on the weekly charts and are near oversold levels on the dailies

Bollinger Bands

- Widening Bollinger bands suggest rising volatility in the pair

Major Support Levels: 0.7008 (110-EMA), 0.6772 (200-DMA)

Major Resistance Levels: 0.7112 (5-DMA), 0.7131 (61.8% Fib)

Summary: Bearish bias for the pair in the near-term. Breach at daily cloud will drag the pair lower. Scope for test of 200-DMA. Violation at 200-DMA will open downside.
 

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