06.08.201915:35 Forex Analysis & Reviews: Technical analysis of AUD/USD for August 06, 2019

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Overview:

The AUD/USD pair continues to move downwards from the level of 0.6818 which represents the daily pivot point on the H1 chart.
Right now, the price is set at thee 0.6790 level. The resistance is seen at the level of 0.6818 and 0.6858.
Moreover, the price area of 0.6818 and 0.6858 remains a significant resistance zone. However, the support levels are set at 0.6748 and 0.6682 respectively.
Amid the previous events, the price is still trading between the levels of 0.6818 and 0.6682.
If the NZD/USD pair fails to break through the first resistance level of 0.6818, the market will decline further to 0.6748 as as the first target.
Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market.
The bias remains bearish in the nearest term testing 0.6748 and 0.6682.
Additonally, if the trend breaks the second support level of 0.6682, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6604 this week.

Forecast:

- The market opens below the pivot point. It continues to move downwards to hit the support levels. Consequently, sell at the pivot point (0.6818).
- Take profit 1: It should set take profit at S1 or move around the double bottom (0.6748). Because the previous range was very large.
- Take profit 2: Therefore, the market is likely to show signs of a bearish trend around the spot of 0.6748. In other words, resell orders are recommended below the spot of 0.6818/0.6748 with the second target at the level of 0.6682; and continue towards 0.6604.
- Stop loss: On the contrary, in case a reversal takes place and the AUD/USD pair breaks through the resistance level of 0.6818, then a stop loss should be placed at 0.6858.

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