30.08.201911:37 Forex Analysis & Reviews: Technical analysis of AUD/CAD for August 30, 2019

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Overview:

Pivot: 0.6764.

The AUD/USD pair is still trading below the major resistance (0.6764) which coincides with the golden ratio in the H1 chart. It continued to move downwards from the level of 0.6764 to the bottom around 0.6764.

Today, the first resistance level is seen at 0.6764 followed by 0.6852, while daily support 1 is seen at 0.6730. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.6764.

So it will be good to sell at 0.6764 with the first target of 0.6730. It will also call for a downtrend in order to continue towards 0.6679 with a view to test the double bottom. In the H1 time frame, the pair will probably go down because the downtrend is still strong.

Consequently, the market is likely to show signs of a bearish trend. Additionally, the RSI starts signaling a downward trend.

As a result, if the AUD/USD pair is able to break out the first support at 0.6764, the market will decline further to objectives of 0.6730 and 0.6679.

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