AUD/USD: TECHNICAL ANALYSIS 31.10.2019
On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. At the moment the price has met the resistance at the level of 0.69289. Assuming the pair’s ability to cross this level, the mark of 0.69580 can be targeted if holding long positions. Alternative scenario. If AUD/USD cannot consolidate above the level of 0.69289 during the short term period, the downward movement restoration and retest of the level 0.69122 are possible. If the sellers manage to decline the rate below the level of 0.68970 the correction can continue to the area of 0.68817-0.68665.
Technical indicators reflect the maintenance of the upward potential. Bollinger Bands are diverging on the background of bullish momentum. MACD is slowly growing in the positive zone. Stochastic is in the overbought zone and is pointed upwards.
Support and resistance
Support levels: 0.69122, 0.68970, 0.68665.
Resistance levels: 0.69289, 0.69580, 0.69885.
Long positions can be opened above the level of 0.69289 with the target at around 0.69580 and stop-loss 0.69192.
Short positions can be opened below the level of 0.68970 with the target at around 0.68665 and stop-loss 0.69071.