The pair has failed to extend break above 200-DMA, slips lower with a spinning top formation at highs.
Risk-off action on the Asian equities and a non-eventful RBA minutes keep the Aussie on the backfoot.
Technical indicators have turned bearish. Stochs and RSI have rolled over from overbought levels and are biased lower.
MACD is showing a bearish crossover on signal line and we also evidence a bearish divergence on RSI and Stochs which adds to the bearish bias.
Support levels - 0.7198 (110-EMA), 0.7138 (cloud top)
Resistance levels - 0.7278 (5-DMA), 0.7294 (200-DMA), 0.73
Good to stay short on upticks, SL: 0.7280, TP: 0.72/ 0.7140
Risk-off action on the Asian equities and a non-eventful RBA minutes keep the Aussie on the backfoot.
Technical indicators have turned bearish. Stochs and RSI have rolled over from overbought levels and are biased lower.
MACD is showing a bearish crossover on signal line and we also evidence a bearish divergence on RSI and Stochs which adds to the bearish bias.
Support levels - 0.7198 (110-EMA), 0.7138 (cloud top)
Resistance levels - 0.7278 (5-DMA), 0.7294 (200-DMA), 0.73
Good to stay short on upticks, SL: 0.7280, TP: 0.72/ 0.7140
Note
TP1 hit. Recovery lacks traction.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.