AUD/USD: technical analysis 21.11.2019

Current trend

AUD/USD is in the stage of upward correction after falling to the level of 0.67851. The first target of correction is the area of 0.68054-0.68083, which coincided with the middle line of Bollinger Bands. This area can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, the breakout of 0.68083 and the pair’s sustained trading above it will give the prospect of growth to the level of 0.68359. This level seems a key level for the buyers in the short term period.

Alternative scenario

The rebound from 0.68054 could lead the price back to 0.67851 support. If the sellers manage to decline the rate below 0.67851, the instrument will have the potential to further decline to 0.67749 support.
This level seems a key level for the sellers.
A decisive breakdown of 0.67749 will be a signal for downward trend resumption.
In this case, the next target of sellers will be the level of 0.67444.

Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards.
MACD histogram is in the negative zone keeping a signal for the opening of sell positions.
Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.67749, 0.67444, 0.67139.
Resistance levels: 0.68054, 0.68359, 0.68665.

Trading recommendations

Short positions can be opened below the level of 0.67749 with the target at around 0.67444 and stop-loss at 0.67849.
Long positions can be opened above the level of 0.68083 with the target at around 0.68359 and stop-loss at 0.67991.

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