FxWirePro: AUD/USD Daily Outlook

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FxWirePro: AUD/USD Daily Outlook

Thursday, August 18, 2022 10:50 AM UTC

Chart - Courtesy Trading View

Technical Analysis:

- AUD/USD was trading 0.31% higher on the day at 0.6954 at around 10:40 GMT

- The pair has snapped a three-day downtrend, but bias remains bearish

- 5-DMA is sharply lower, Stochs have rolled over from overbought levels and are biased lower

- Recovery attempts have been capped shy of 200-DMA and the pair has retraced into daily cloud

- MACD confirms bearish crossover on signal line, ADX supports weakness

Support levels:

S1: 0.6921 (50-DMA)

S2: 0.6867 (Lower BB)

Resistance levels:

R1: 0.6979 (55-EMA)

R2: 0.7046 (110-EMA)

Summary: AUD/USD trades with a bearish bias. Break below daily cloud will open downside. Bearish invalidation only above 200-DMA.

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