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AUD/USD: TECHNICAL ANALYSIS 05.11.2019

Current trend

On the 4-hour chart, the instrument is correcting up from the lower line of the Bollinger Bands.
At the moment the price has met the resistance at the level of 0.69067, which coincided with the middle line of Bollinger Bands. Assuming the pair’s ability to cross this level the marks of 0.69122-0.69275 can be targeted if holding long positions.
Alternative scenario.
The rebound from the 0.69067 and pair’s sustained trading below 0.68970 level will be a signal for downward movement formation. The downward trend will be restored after the price is set below the level of 0.68759. In this case, the next targets of sellers will be the level of 0.68665-0.68512.
Technical indicators reflect the maintenance of the upward potential. Bollinger Bands are diverging on the background of bullish momentum. MACD is slowly growing in the positive zone. Stochastic is pointed upwards.

Support and resistance

Support levels: 0.68970, 0.68817, 0.68665.
Resistance levels: 0.69122, 0.69275, 0.69427.

Trading recommendations

Long positions can be opened above the level of 0.69122 with the target at around 0.69275-0.69427 and stop-loss 0.69022.
Short positions can be opened below the level of 0.68970 with the target at around 0.68817-0.68665 and stop-loss 0.69071.

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