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Technical Major CurrenciesAUD/USD
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The pair is under more negative pressure and currently approaching 38.2% correction of the upside wave shown on the chart. The downside pressure is likely to continue, while breaching 0.9980-70 is required for the negativity to prevail. Stability below 1.0070 is now the required limit for the intraday and weekly downside move to prevail.
The trading range for this week is expected among the key support at 0.9825 and resistance at 1.0290.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0240.
| Support | 0.9970 | 0.9935 | 0.9900 | 0.9860 | 0.9825 |
| Resistance | 1.0025 | 1.0070 | 1.0095 | 1.0135 | 1.0185 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.0025 targeting 0.9900 then 0.9825 and stop loss above 1.0135 might be appropriate this week | ||||
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