You are here: Home > articles > Forex > Technical Analysis – AUDUSD stretches below 23.6% Fibonacci; next level 0.70
Technical Analysis – AUDUSD stretches below 23.6% Fibonacci; next level 0.70
March 13, 2019 7:36 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
AUDUSD stretched slightly to the downside today, falling back below the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.6746, around 0.7070 and the Ichimoku cloud.
The technical picture remains to the upside as the MACD is trying to post a bullish crossover with the trigger line, while the stochastic is approaching the overbought zone. Also, currently, the price is trading below the 20- and 40-simple moving averages (SMAs) in the daily timeframe and the red Tenkan-sen and the blue Kijun-sen lines are sloping down, suggesting negative momentum.
Should bearish action continue below the 0.7000 region, support could be found around the 0.6825 barrier, taken from low on January 2016. A successful break lower, could then bring the ten-year low of 0.6746 back into view.
In case of a recovery above the Ichimoku cloud and the 20- and 40-SMAs, the 0.7200 handle could provide nearby resistance. If the bulls push the pair even higher, the 38.2% Fibonacci of 0.7275 and the 0.7295 resistance could come in focus.
Overall, in the long-term, AUDUSD stands in a narrow range within the 0.7000-0.7390 area over the last seven months.
Related Posts: