We are on this APAC pair after Aussie produced a lackluster trade balance numbers at negative 3.54M to miss the forecasts at 2.50M and a slump from previous flash at 2.727M. While exports have been highly disappointing steep slumps from previous -1% to -5% and imports were unchanged at -1%.
You can now figure out a pattern at 86.007 near upper on that the red circled area served as the strong supply trajectory this time for AUD side, it has acted as a strong at the same juncture couple of times in the recent past as well.
Intraday graphs reveal nothing but an indecision, slightly bias though, you can figure out the pair has currently fallen below 21DMA and headed towards south.
More importantly, leading oscillators like and slow curves began showing convergence with the previous downswings; we believe this as bears are getting active.
is currently trending at around 49.1539 (while articulating) that has been showing downward convergence to the price dips.
In addition to that on curve it has reached oversold zone and showing %D crossover which means bulls in previous rallies have been exhausted and selling momentum is intensifying in overbought territory.
We could foresee the next crucial support is only at around 83.400 regions on , if it does not manage to find this level it may even drag up to 82.914 levels.
While bears to extract maximum leverage to their returns as we can see %D crossover has been maintaining above 80 which is signifying again more retracement is likely and it gives us one more reliable indication that the pair is likely to find above mentioned .