Technical analysis 08.10.18

AUDUSD

The pair is trading below the level of 0.7085 and is still under pressure as the risk appetite is dropping in the markets due to the escalating US-China crisis.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is leaving the oversold territory. Stoch aren’t informative.

Trading recommendations:

The pair may recover to 0.7085 due to the partial closing of short positions. Sell the pair approximately from this level with a local target of 0.7020.