USDAUD has turned lower sharply after correcting 61.8% Fib. Retracement level to the rally started from 11th of Jan’19 suggesting that overall weakness is still intact.
oThe upper band of the Bollinger band is seen moving lower in line with the lower band suggesting negative momentum is in place.
oAt momentum front both RSI (14Pd ) and Stochastic (14/3/3) are seen turning lower after testing equilibrium region supporting the negative bias.
oGoing ahead USDAUD is likely to hold below 1.1413 and trade lower towards 1.3774.