Forex Trading: AUDUSD Technical Analysis – Febuary 14, 2020
Today, the Australian Dollar inched itself lower against the U.S. Dollar, although two days back, we observed its consistent raise with the green candle tag, the recent updates of Australia become the cause of this downturn or the weakening of the currency. Hence, therefore the technical bias might remains bearish because of the lower low wave printed on the graph below in the last downside move.
AUD/USD: Technical Analysis
Today, the AUDUSD is being marketed at a price of 0.6713, on the downside, it is not optimal for AUDUSD since it is backed by limited support levels. The first instant trendline at 0.6708 is just below the price then the psychological number of 0.6600, and then it is supported by the main horizontal support at 0.6597.
It has also been noted, on the upper side, that the price may be pressured by the number of resistance levels which may not allow it to continue its forward progress. The first resistance is 0.6748, the confluence of trendline and the 23.6 percent Fib level, shortly after it, another trendline resistance of 0.6803, and then the highest horizontal resistance is at 0.6847.
AUD Trade Balance
The trade balance published by the Australian Statistics Bureau is the difference in the amount of their Australian goods imports and exports. It was expected to rise up to 5905 M but it stayed on 5223 M. As Trade Balance an early indication of net export performance is issued. If a lower demand is seen in exchange for Australian exports, that would turn into a negative one.
AUDUSD involves the risk at this point, as we have seen its bearish trend, to lift itself to the desirable level it will need a strong backup force.