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Technical analysis 19.07.19

19.07.2019

Market Review

AUDUSD

The pair remains in a short-term uptrend supported by the still strong GDP growth in China, Australia's important trading partner. It’s also supported by the increased expectations of 0.5% interest rate cuts by the Fed this July.

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is below the overbought area and is turning down. Stoch are leaving the overbought zone and indicate a downwards reversal.