AUD/USD: bears difficult to stop
Tatiana Norkina, FBS analyst
According to our expectations, the bears have continued pressuring in the recent days, lowering the currency pair rate to the 76th figure area. A new low for the past three weeks has beed set around 0.7570, just above the extrema of four weeks ago. A break through these levels is obvious to be crucial for the Australian.
Indeed, the bears further advance is yet being constrained by the pair's oversoldness. But the four-hour Ichimoku indicator is set quite seriously. Thus, the dead cross formed by the Tenkan-Sen and Kijun-sen lines is still active. Ichimoku cloud has quite expanded downwards, turning the bearish trend around.
Therefore, folloiwng a small consolidation at the current levels, we will expect new lows - 0.7300.
Technical levels: support – 0.7600, 0.7560; resistance – 0.7615, 0.7650.
1. Sell — 0.7650; SL — 0.7670; TP1 — 0.7600; TP2 — 0.7560.