FX.co - AUD/USD Update for February 16, 2023 - Potential for the downside continuation

2023-02-16T08:18:10

Relevance until2023-02-17

Technical analysis:

AUD/USD Update for February 16, 2023 - Potential for the downside continuation

AUD/USD has been trading upside this morning but the resistance zone at the price of 0.6930 is on the test.

Trading recommendation:

Due to the breakout of the channel in the background, I see potential for the further downside continuation.

Watch for the selling opportunities on the rallies with the downside objective at 0.6740

Slow Stochastic is showing fresh downside cross, which is sign that there is potential for the downside movement.

Key resistance zone is set at the price of 0.6930

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ AUD/USD Update for February 16, 2023 - Potential for the downside continuation