AUD/USD technical outlook has turned strongly bearish and is suggesting a further lower move towards 25th September low of 0.7000. Currently, the pair is trading at 0.7081, the immediate support is at 0.7140 while the 0.7000 is acting as a strong support area. The intraday resistance is at 7120, another resistance is at 0.7155 level.

The SMA-14 is indicating a resistance area at 0.7154 and the SMMA-50 is showing resistance at 0.7204. The RSI line is near 40 and suggests a further tilt towards the bearish zone. The pair is also below the mid-Bollinger band which is at 0.7139. The upper and lower bands are at 0.7254 and 0.70254 respectively. The intraday price pattern is bearish and suggests a further towards 0.7020. The 4-hourly price pattern is also supporting the bears. Currently, the pair is good to sell on an intraday basis. A decent level would be at 0.7080 with a small target of 50 to 60 pips. A tight stop-loss should remain present at 0.7030 to prevent the loss in the event of a sudden movement.

An intraday closing below 0.7020 can push the price further lower towards 0.6900. On the upside, bulls need a price action above 0.7160 to get back some control.


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By LCMS Traders FX Analysis Team

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