Home » Featured » AUDUSD Technical Analysis for November 13, 2015

AUDUSD Technical Analysis for November 13, 2015

Chart setups:
The daily chart view has been presented here, which is indicating that the AUDUSD has bounced off the interim support trend line that connects September lows. The pair has produced a bullish morning star candlestick pattern as well right at the fibonacci 0.618 support of the rally between 0.6900 and 0.7400 levels respectively. Considering the above 3 convergences, the probability of an extended rally through 0.7600 and higher levels gains weight here. Furthermore prices are testing the immediate resistance line connecting the highs of October 2015, and a break here followed by a push above 0.7220 levels (interim resistance), would confirm that bulls are back in control. Immediate support is seen at the 0.7000 levels, followed by 0.6940, while immediate resistance is at 0.7220/30 levels. Also note that RSI stays comfortably above the 40 mark indicating a continued rally.
Trading recommendations:
Long now, stop below 0.7000, target 0.7600+
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