AUDUSD technical analysis 19.03.2020

The pair is recovering after a strong fall amid a slight increase in demand for commodity assets. It may still rise if the coronavirus-induced panic does not escalate again in the European markets.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is coming out of the oversold zone. Stoch also make an attempt to turn up.

Trading recommendations:

If the pair, having already risen 23% according to Fibonacci retracement, fixes above 0.5775, it will continue an upward correction to 0.5940. But, if it does not rise above this level, it will be likely to resume falling to 0.5500..