03.10.201911:56 Forex Analysis & Reviews: Technical analysis of AUD/USD for October 03, 2019

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Overview:

The AUD/USD pair dropped from the level of 0.6755 towards 0.6672. The trend is still set below the 0.6724 point.

The resistance of the AUD/USD pair is seen at the levels of 0.6755 and 0.6807. It does mean that the first resistance and second one are seen at the levels of 0.6755 and 0.6807 respectively.

Note that the AUD/USD pair is still moving in a downtrend channel since a while on the H1 chart.

This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.6672 with a view to test the daily support one.

The price spot of 0.6755 remains a significant resistance zone.Therefore, there is a possibility that the AUD/USD pair will move downside, and the structure of a fall does not look corrective.

In order to indicate the bearish opportunity below 0.6755, sell below 0.6755 with the first target at 0.6672 so as to test last week's bottom.

It should be noticed that support 1 is seen at the level of 0.6672 which coincides with the double bottom in the one-hour time frame.

If the NZD/USD pair is able to break out the bottom at 0.6672, the market will decline further to 0.6638 and 0.6612. However, the stop loss should be set above the level of 0.6807.

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