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Technical Analysis – AUDUSD _ 07-03-2019

HomeTechnical AnalysisTechnical Analysis – AUDUSD _ 07-03-2019
07
Mar
Technical Analysis – AUDUSD _ 07-03-2019

The pair is approaching the breached support area at 0.7055 – 0.7075 and we see on the 4 hour chart that it is possible to press the price to reach 61.8% Fibonacci at 0.6960 as the first target and the breach may extend from the downside wave to support the 0.6840 support as the second target … The RSI Moving within the bearish momentum area below the 50 line, Stochastic is approaching the oversold area that supports this possibility.

A breach of resistance 0.7190 might be enough to thwart the downside scenario and the pair could then push to target 0.7290 as the first target and then resistance 0.7385 as the second target.

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