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AUD/USD analysis: modest recovery, but more gains unclear

Written Valeria Bednarik | 2017-11-14 07:41:13 GMT

From a technical point of view, the intraday recovery is little relevant within the dominant bearish trend, as the pair topped right below 0.7640, and struggles around the previous two months' lows in the 0.7625 region, unable to accelerate beyond the level. Shorter term, and according to the 4 hours chart, the risk remains towards the downside, as the price is developing below a bearish 20 SMA, while technical indicators entered a consolidative phase right well into bearish territory. The mentioned 20 SMA stands at 0.7660, the immediate resistance, followed by 0.7695, where selling interest has contained rallies the last two weeks. Below 0.7610, the pair has scope to extend its decline initially to 0.7570, where it has a couple of daily lows from early July, followed later by 0.7535.

Support levels: 0.7610 0.7570 0.7535

Resistance levels: 0.7660 0.7695 0.7730

View Live Chart for the AUD/USD

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Valeria Bednarik
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