Having found the resistance at the 1.0545 level the AUD / USD pair attempted to breakt through this level for seven times on the 4H charts. We note that the Australian dollar is still under the pressure due to Chinese news release and continues to respond to the current slowdown in China's economy, that indicated the significant sales in the price of aussie last week.
At the technical level, according to the Fibonacci indicator, the Aussie has fallen to the level of 38.2%. The breakdown of the 1.0479 level will target the 1.0370 or even the 1.0322 weekly support.
Therefore, we recommend to sell at 1.0540 with a short-term objective seen at the 1.0360 level. Stop Loss is to be placed above the first weekly resistance.
The MACD indicator and Momentum indicator are showing bearish signals.
The material has been provided by Instaforex Company - instaforex.com

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