FX.co ★ AUD/USD technical analysis for 03.07.2013

Daily bars, general picture:

AUD/USD continued to decline. The daily chart shows that the pair maintained its downtrend, stalling below 0.92 in the oversold area.

There are no significant changes in the volumes.

Both MACD histogram and stochastic go down which signifies the bears power.

System analysis:

As the prevailing mood is bearish, it is worthwhile to sell from the resistance sublevel of 0.93.

The average line is at 0.936, we recommend selling from this level.

The critical resistance level is at 0.94. In case this level is broken, all sell signals will be canceled.