FX.co - AUD/USD Update for February 21, 2023 - Potential for the downside continuation

2023-02-21T08:49:51

Relevance until2023-02-22

Technical analysis:

AUD/USD Update for February 21, 2023 - Potential for the downside continuation

AUD/USD has been trading downside this morning and I found rejection of the key short-term resistance zone at 0.6920.

Trading recommendation:

Due to the downside trend condition and rejection of the resistance zone in the background, I see potential for the downside continuation.

Downside objective is set at 0.6815

MACD oscillator is showing fresh downside reading, which is good sign that sellers are in control.

Key resistance zone is set at 0.6920

*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 21, 2023 - Potential for the downside continuation