years on the market

Technical analysis 22.07.2019

AUDUSD
 
The pair is correcting down against the backdrop of the Chinese stock market decline and lower expectations of more aggressive interest rate cuts by the US Federal reserve. The preservation of such sentiments will exert local pressure on the currency pair.
 
The price is below the middle Bollinger band, below SMA 5 and SMA 14. The moving averages give a sell signal. RSI indicates a likely drop in the price, crossing the level of 50%. Stoch are in the oversold territory.
 
 
Trading recommendations:
Expect the price to continue falling to 0.6995.

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