Technical Analysis

Technical Outlook: AUDUSD – Shooting Star Warns Of Reversal


The Aussie dollar stands at the back foot on Wednesday and dipped to session low at 0.7571 after Australian GDP fell below forecast in Q3. Overnight's action was capped by daily Kijun-sen (0.7630) which marks solid resistance ahead of yesterday's upside rejection at 0.7653 (Fibo 61.8% of 0.7729/0.7530). Tuesday's Shooting star candlestick indicates reversal which needs firm break below 0.7577 (Fibo 61.8% of entire recovery from 0.7530) for confirmation. Bull-trendline off 0.7530 (21 Nov low) marks another pivotal support at 0.7558 and break here to confirm an end of corrective phase and open way for retest of key support at 0.7530.

Res: 0.7602, 0.7630, 0.7653, 0.7691
Sup: 0.7571, 0.7558, 0.7530, 0.7500

Author: Windsor Brokers LtdWebsite:
Windsor Brokers Ltd
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