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AUDUSD : Bearish trend continues

AUDUSD extended its down trend showing lower lows and lower highs. However there are some signs of bullish trend but there is no strong signal to support that. If we see the daily chart of AUDUSD the previous resistance is now acting as the support for the pair. The 50 day moving average also crossed the 100 day moving average showing further downfall in the pair. Inserting the Bollinger bands into the pair we can see that the bands squeezed showing some signs of trend reversal. From the stochastic oscillator we can infer that the pair is right now trading in the oversold zone. However in my opinion it’s better not to trade on the technical basis when there is some major Fundamental release like today Fed is going to talk about the monetary policy and further tapering. Whole market is right now reacting in expectation that Fed is going to taper further by $10 billion.