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AUD/USD: TECHNICAL ANALYSIS 08.11.2019

Current trend

On the 4-hour chart, the instrument keeps a negative dynamic. Assuming the pair’s ability to cross 0.68746 support, the 0.68665 level can be targeted if holding sell positions. The area of 0.68665-0.68610 seems a key zone for the short term sellers, after the breakdown of which, it is better to enter the market with new sell orders. The consolidation below 0.68610 will give the prospect of decline to the levels of 0.68512, then 0.68359.
Alternative scenario.
The rebound from the 0.68665 and pair’s sustained trading above 0.68841 level will be a signal for upward movement formation. The key target of the correction will be 0.68930-0.68970 zone. A decisive breakout of 0.68970 will indicate the upward trend resumption and let the price grow to the area of 0.69122-0.69275.
Technical indicators reflect the maintenance of the downward potential. Bollinger Bands are diverging on the background of bearish momentum. MACD is slowly growing in the negative zone keeping a signal for the opening of sell positions. Stochastic is pointed downwards.

Support and resistance

Support levels: 0.68665, 0.68512, 0.68359.
Resistance levels: 0.68841, 0.68970, 0.69122, 0.69275.

Trading recommendations

Short positions can be opened below the level of 0.68665 with the target at around 0.68512-0.68359 and stop-loss 0.68767.
Long positions can be opened above the level of 0.68970 with the target at around 0.69122-0.69275 and stop-loss 0.68868.

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