FxWirePro: AUD/USD Daily Outlook

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FxWirePro: AUD/USD Daily Outlook

Tuesday, December 7, 2021 8:59 AM UTC

Chart - Courtesy Trading View

Technical Analysis:

GMMA Indicator

- Major and minor trend are bearish on the daily and weekly charts

- Minor trend shows bullish shift on the hourly charts

Ichimoku Analysis

- Price action is well below daily and weekly cloud

- Chikou span shows some upside on the daily charts

Oscillators

- RSI showing a rollover from oversold levels

- Stochs are at oversold, momentum bearish

Bollinger Bands

- Wide spread, suggesting high volatility

Major Support Levels: 0.7065 (5-DMA), 0.6995 (Lower BB)

Major Resistance Levels: 0.7111 (200H MA), 0.7185 (200-week MA)

Summary: AUD/USD trades with a bearish bias. Recovery is likely to be short lived.

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