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AUD/USD Technical Analysis & Daily Chart

Published on: 23/02/2017

General Analysis
During this week the AUD/USD currency pair has traded in a narrow range and eventually came close to the support level at 0.7700.

For a long period of time the Aussie has shown a significant increase and now for the first time in the last couple of months approached the significant level of resistance; it is very likely the price will go down from it.

Comparing the Stochastic indicator chart with the price graph we can see a clear divergence which was formed last Friday. This trading signal on the daily chart in a rising market is quite a strong indicator to sell the US dollar which cannot be ignored.

The Next Few Days
Considering the overall situation on the market for the US dollar, the price's proximity to a significant support level at 0.7700 and the presence of divergence in the graph we have all the signals for opening sell deals on the AUD/USD. 
The general trend is still increasing but today there is the most favorable situation to play on the rollback of the price.

During this week we are likely to see a decrease to at least 0.7550 or even further to 0.7450.

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