AUD/USD: downside favoured – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD pair fell down to 0.7018 during the previous Asian session, weighed by negative Chinese data that once again, fueled fears of an economic slowdown spreading in the local economy.

Key Quotes:

“The pair has managed to rebound some during the European morning, but continues trading in the red daily basis, and the 1 hour chart shows that the price is unable to advance above a bearish 20 SMA, whilst the technical indicators are posting mild recoveries in negative territory. In the 4 hours chart, the price is well below a bearish 20 SMA, whilst the technical indicators are losing upward strength well below their mid-lines and following a limited recovery from oversold levels, all of which continues favoring the downside.”
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Source:: FX Street