AUD / USD Technical Analysis June 29

Is the 0.7404 zone, sellers’ chance on the AUDUSD?

The AUDUSD has been mostly oscillating, since the 27th of June 2016, within a bearish formation between the range of 0.7452 and 0.7329 respectively.

The sellers are placing strong pressures in their attempts of taking control over the pair’s price.

The price is now oscillating close to the 0.7404 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes closer to the 0.7404 area, the price could be forced to decline to lower zones such as the 0.7329 level.

The stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 80 level.

Alternative Scenario

Alternatively, should the buyers take the lead and boost the price above the 0.7452 area Fibonacci’s 100.0% the pair could appreciate as high as 0.7527.

Today’s Major Announcements

There are no any major releases that could have an impact on the Australian dollar The Bank Stress Test info is expected to have a strong influence on the U.S. dollar

Synopsis

Probable trend (Bearish): 0.7404 Bearish take profit target: 0.7329 Stop loss target: 0.7452 Alternative trend (Bullish): 0.7452 Bullish take profit target: 0.7527