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Technical Analysis: AUD/USD

The pair is trading below the 1.0380-1.0400 area, right where the 100-Day SMA and the 200-Day SMA reside, so the risks are on the downside and we look for...

The pair is trading below the 1.0380-1.0400 area, right where the 100-Day SMA and the 200-Day SMA reside, so the risks are on the downside and we look for a decline towards parity. Breaking below parity would accelerate declines ahead of the 0.9385 support in a medium-term. Only a break and consolidation back above 1.0400 would confirm a shift in a short-term structure and open a fresh upside extension towards the 50-Day SMA by 1.0590.

Edward Smith, technical analyst of company Admiral Markets.

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