AUD/USD Daily Technical Analysis | 31 January 2018
2018-01-31 08:23 am | Resource: Technical Analysis Section | No Views : 278
The SMA 20 is overlapping with the movement of the pair so its direction is undetermined.
RSI 14 is trading in an intraday direction within a classical symmetrical triangle pattern during European session yesterday. The index failed to break the bottom border of the pattern.
It is expected that if the pair breaks against the US currency 0.8040 could target levels of 0.7925 on the other side, if the breach of the pair level of 0.8071 may target the level of 0.8133.
Support: 0.8034 - 0.7968 - 0.7889
Resistance: 0.8123- 0.8182- 0.8221
The dollar traded lower against the currencies as traders were also wary of looking for riskier assets awaiting developments on the trade front. The Fed cut its target overnight rate by a quarter percentage point on Wednesday, to a level of 1.75% to 2.0%, to offset slowing global growth and the risks partly associated with President Donald Trump's trade battles with China. This was the second Fed rate cut this…
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