AUD/USD: technical analysis 11.09.2019

AUD/USD: technical analysis 11.09.2019

Current trend

On 4-hour chart, the instrument shows a positive dynamic. The price went up above the level of 0.68665 (Murray [+1/8]) and can grow further to the levels of 0.68843 and 0.68970 (Murray [+2/8]). The area of 0.68970 level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Pullback below 0.68665 could lead the price to the 0.68550 level, which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.68359 (Murray [8/8]). Technical indicators reflect the moderate maintenance of the current upward trend. Bollinger Bands are pointed upwards. MACD volumes are in the positive zone and are moving along the zero line. Stochastic is pointed upwards.

Support and resistance

Support levels: 0.68665, 0.68550, 0.68359.
Resistance levels: 0.68843, 0.68970, 0.69100.

Trading recommendations

Long positions can be opened above the level of 0.68843 with the target at around 0.68970-0.69100 and stop-loss 0.68757.
Short positions can be opened below the level of 0.68665 with the target at around 0.68550-0.68359 and stop-loss 0.68563.