Forex AUDUSD - W1 Technical Analysis | Our expectations:
The Australian dollar sank below 74 cents against the greenback to reach a 12-month low, bearing the brunt of the escalating U.S.-China trade conflict given its exposure to the Chinese economy. The tension between the two countries is likely extend further pressure on the Australian dollar, as foundamental is supported purely technical. On a weekly chart, we see a breakthrough a key support zone, activated formation double top, and a flag a decrease.
Indicators:
Price holds below 50 and 200SMA.
DeMarker goes under 0.3, in an oversold zone, a signal of possible selloffs.
SL: 0.754
Alternative Scenarios:If the price reverse above 0.754 may return back in to the choppy and lead to a test of 200 and 50SMA
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