Technical analysis of the currency pair AUD/USD on 02/03/2017. The daily chart
Currency pair Australian dollar / US dollar over the past few months shows a clear up trend without any significant corrections. Upward movement started from the beginning of 2017 and at present makes 600 points. However, last week the price reached the 0.7700 resistance level which for almost a year make a serious impact on the price movement.
A large number of times the price bounced back from this level and never being able to overcome.
At the moment, the price reached to the 0.7700 resistance level ones again and two indicators show a confirmation of a signal to sell at the same time - the Stochastic and moving average (14).
Stochastic shows a clear divergence for the last few price peaks, which is also a signal to sell short the AUD / USD.
Also, the price crossed the moving average (14) from top to bottom and successfully entrenched below the line, which also indicates a bearish trend.
We recommend to open short positions on the currency pair AUD / USD with the target points profit taking at levels 0.7570 and 0.7520.