Forex Trading: AUDUSD Technical Analysis – Febuary 03, 2020

It’s the nice morning for the AUDUSD, as it is today with a green candle label and a price of more than 0.6700, it’s inched higher itself after more than a month’s fall. The new month introduces new hope to AUDUSD, as during the last month it has gone through a very bad experience. That’s because of recent, advantageous news from Australia. As in the graph, the last upside movement showed a higher low wave, so the technical bias might remains bearish for a while.

AUD/USD: Technical Analysis

At 0.6693, the AUDUSD asked itself on the graph, Sadly, it has been loaded with the numbers of resistance, that might creates hurdles for the price to rise its self above this level. Just above the price, there is the trend line resistance of 0.6699, afterward, the price may experience the Fibonacci level at 0.6608 and then the major horizontal resistance stands at 0.6850.

AUDUSD

whereas, if we look at the downside of the pair’s price, there are the support levels that helped the price to take it above this said level. at first, there is the trendline support of 0.6683, ahead of the psychological number of 0.6650 and then at 0.6644, the major horizontal support exhibited in the graph above.

AUD Consumer Price Index

The Consumer Price Index showed an index of 1.8 percent, more than last month’s index and economist expectations from the fundamental point of view. It is a calculation of price movements by comparing the retail prices of a typical shopping basket of goods and services, published by the RBA and republished by the Australian Statistics Bureau.

Trade Idea

Trying to avoid trading at this level could be a good move as the graph above indicates the AUDUSD negative perception with low levels of support and massive levels of resistance.

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