Technical Analysis 11.04.2019

AUDUSD

The pair is correcting downwards after reaching a local maximum. It’s likely to resume growth following the expected weakness of the USD after the downwards correction.

The price is above the lower Bollinger band, below SMA 5, but still above SMA 14. RSI is below the overbought territory and is slowly moving down. Stoch are leaving the overbought zone and indicate a downwards reversal.

Trading recommendations:

Sell the pair as it drops below 0.7160 with a possible target of 0.7130. Then buy it from this level as the prices may resume growing to 0.7200.