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AUD/USD: technical analysis 13.11.2019

Current trend

On the 4-hour chart, the price has tested the support level of 0.68298 and was slightly corrected upwards, but the downward trend maintains. To continue the downward trend AUD/USD should consolidate below 0.68298 hurdle. In this case, the sellers will aim for a 0.68207-0.68054 support zone.

Alternative scenario

If the "bulls" manage to raise the rate above the level of 0.68565, the correction can continue to the area of 0.68665 resistance. Probably any attempted recovery seems more likely to get sold into aggressively near this area. Meanwhile, the breakout of 0.68665 can accelerate the pair towards 0.68817-0.68860.

Technical indicators mostly reflect the maintenance of the downward potential.  Stochastic is pointed downwards. MACD is in the negative zone. Bollinger Bands are converging on the background of bullish momentum, reflecting the possibility of an upward correction.

Support and resistance

Support levels: 0.68359, 0.68207, 0.68054.
Resistance levels: 0.68512, 0.68665, 0.68817.

Trading recommendations

Short positions can be opened below the level of 0.68259 with the target at around 0.68054 and stop-loss at 0.68327.
Long positions can be opened above the level of 0.68565 with the target at around 0.68817 and stop-loss at 0.68481.

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