Technical Chart pick of the day: AUDUSD –Bearish
The AUD fell, after rating agency Fitch cut Australia’s AAA credit rating outlook to negative. Commodity currencies fell as investors sought safety after US – China tensions. On top of that, the growing tensions with China have also dented Australia’s hope for a quick recovery.
· On a technical perspective, the trend is bearish, with prices above the 20, 40, 100 and 200 EMAs
· A bearish crossover formed, with the 20 EMA crossing the 40 EMA. This indicates that selling pressure is present.
· Based on the pivot point analysis, prices are below the pivot levels. This signifies bearishness.
Resistance: R1: 0.65915, R2: 0.66196, R3: 0.66693
Support: S1: 0.65418, S2: 0.65202, S3: 0.64705