Technical analysis 12.09.18

AUDUSD

The pair is consolidating at the mark of 0.7100. It’s still under pressure due to the escalating trade conflict between the US and China that may slow the world economy’s growth and decrease the demand for commodities in China, which can result in slower economic growth in Australia.

The price is below the middle Bollinger band, on the level of SMA 5, but below SMA 14. RSI is moving horizontally. Stoch aren’t informative.

Trading recommendations:

If the price takes hold below 0.7100, it may go further down to 0.7000–15.