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AUD/USD: technical analysis 29.11.2019

Current trend

On the 4-hour chart, the instrument is correcting up from the lower line of the Bollinger Bands. The instrument is now testing the level of 0.67749, which coincided with the middle line of Bollinger Bands. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, the breakout and pair’s sustained trading above 0.67749 will give the prospect of growth to the resistance 0.67902. The area of 0.67902-0.67945 will be a key zone for the buyers.

Alternative scenario

The rebound from 0.67749 could lead the price back to 0.67596 support. The breakdown of the 0.67596 will be a key trigger for bearish traders. In this case, the next targets of sellers will be the level of 0.67444-0.67291.

The technical picture is mixed.
Technical indicators mostly reflect the maintenance of the upward potential.
Bollinger Bands are slightly diverging on the background of bullish momentum.
The volumes of MACD histogram are decreasing in the negative zone.
Stochastic is pointed upwards.

Support and resistance

Support levels: 0.67596, 0.67444, 0.67291.
Resistance levels: 0.67749, 0.67902, 0.68054.

Trading recommendations

Long positions can be opened above the level of 0.67749 with the target at around 0.67902 - 0.68054 and stop-loss at 0.67647.
Short positions can be opened below the level of 0.67596 with the target at around 0.67444 - 0.67291and stop-loss at 0.67697.

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