As of Wednesday, the Australian dollar has picked up a little. However, it can keep losing ground, and therefore the Australian dollar will continue to decline. The market has been moving sideways for some time, so any price movements should be viewed skeptically at this point. The prediction is that the Australian dollar will continue to face many questions due to China’s impact on the local economy. Right now, it seems like we will keep the price as low as possible until we get to the 0.71 support level.
The support rests at 0.72250 with resistance at 0.72400 which the Pivot Point at 0.72330 is located below the price line. The EMA of 10 is moving in slight bearish bias below the EMA of 100 and EMA of 200. The RSI is going toward the level of 50, the MACD histogram is in positive territory with a horizontal signal. The Stochastic is moving in low ranges and the ADX is not showing a clear signal.
The price is above the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are reaching to the same point.

• There is resistance at 0.72400, followed by resistance at 0.72480 and 0.72550.
• There is support at 0.72250 Below, there is 0.72180 and 0.72100.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.