Technical analysis of AUD/USD 03/03/2023
The AUD/USD currency pair on (1D) is developing a downward correction. The pair broke through the support level 0.6777 (38.2% Fibo), (MA200), after which the level 0.6777 became the current resistance level.
Quotes found an intermediate support at the level of 0.6700 and are currently in the area of 0.6750 (MA100).
The technical picture suggests a continuation of the pair’s decline to the support level of 0.6666 (50% Fibo).
If the pair manages to consolidate below 0.6666, technically it will mean further decline to the level of 0.6550 (61.8% Fibo).
In favor of the development of the downward movement is the divergence on the RSI indicator.
Cancellation of the option for the development of a downward correction will be the growth of quotations above the maximum of 0.7150, which will mean the continuation of the uptrend.
Created by Joshua Hayn