Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis

AUD/USD is extending the downside and is currently trading at 0.7305. The current price level is likely to act as strong support area while other support levels are present at 0.7277 and 0.7251. The intraday resistance levels are at 0.7333 and 0.7369.

On the intraday charts, a three black soldiers pattern is building up that might help breach below the 0.7300 mark. The SMA-14 is indicating resistance at 0.7441 and the SMA-50 resistance line is at 0.7365. The RSI is at 39 and still away from an absolute oversold zone. The MACD also indicates a bearish trajectory. The fact that the RSI is still away from the absolute oversold zone supports a further bearish bias which makes the pair ideal for intraday sell trades around 0.7315 with a target of 0.7265 and a stop-loss at 0.7350

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