Wednesday 20 June 2018

AUD/USD Bears rule the trend


The AUD/USD pair tried to push higher today but bulls couldn’t advance beyond 0.7408. The Australian Westpac Leading Index showed worse than expected figures while the greenback is keeping steady levels. Technically speaking the short-term outlook remains neutral to bearish.On the four hour time frame the price is developing below its moving averages and as seen the 20-day SMA stalled the bullish aspiration. RSI is staying flat around its 30 while the stochastic is extremely bearish and is entering oversold area. Immediate support is seen at 0.7345 and if broken to below will open doors for testing 0.7250, which will offer strong long-term support line.




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