Aussie is bound down again
Tatiana Norkina, FBS analyst
Trading on the AUD/USD currency pair closed on a negative note yesterday. Despite the active buying in the morning, the rate had dropped into the 0.6950 area, to this week's lows, by the end of the day. These extremes have been updated to 0.6920 at the Asian session today. Within this time, all lines of the four-hour Ichimoku indicator have turned down, proving the bears' dominance in the market.
Nevertheless, the pair's local oversoldness is making the short-term market participants close their positions which is leading to the correctional growth. During today's trading, a testing of the Tenkan and Kijun lines levels is possible, followed by a likely resumption of the downtrend.
Technical levels: support – 0.6900/30; resistance – 0.6980, 0.7000.
1. Sell — 0.6980; SL — 0.7000; TP1 — 0.6930; TP2 — 0.6900.