Technical analysis 16.10.18

AUDUSD

The pair is trading below the level of 0.7150 amid the general consolidation that’s beginning to take shape on all the world’s markets with no exceptions. Investors await the results of the US Congress election. This is likely to immobilize the market players. As for the pair, the Reserve Bank of Australia is not likely to change its monetary policy, while due to the consolidation the pair may reverse downwards following the local growth

The price is above the middle Bollinger band, below SMA 5 and SMA 14. RSI is above the level of 50%, testing it. Stoch are moving down.

Trading recommendations:

Sell the pair after its drop below 0.7110 with a possible target of 0.7085.