AUD/USD Price Prediction – November 20
The AUD/USD trade reactions have shown that the currency pair market has set for depression after hitting resistance around the 0.6800 line. Variant transactions have featured between 0.67305 and 0.66613 at an average percentage rate of -0.16.
AUD/USD Market
Key Levels:
Resistance levels: 0.6800, 0.6900, 0.7000
Support levels: 0.6350, 0.6250, 0.6150
AUD/USD – Daily Chart
The AUD/USD daily chart showcases the currency pair market sets for depression around the 0.6800 resistance level. That headline is prompted by double top shadows seen on candlesticks during the trading days of November 15 and 16. The 14-day SMA indicator is at 0.65364, underneath the 0.66690 value point of the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound to 91.04 and 83.29 levels.
Will the AUD/USD market bulls not push firmly back against the 0.6800 resistance?
If there will be a need for the AUD/USD market to push back against the 0.6800 resistance level, it could be to let bulls make up for another round of an upward move completion. Therefore, buyers should be wary of joining gravitational forces while price breaks out around the value line because the situation can cheaply change into a retracement in no time.
On the technical downside, short-position placers now have the turn to be on the lookout for a decent selling entry position as long as the price remains underneath the resistance level of 0.6800. Either a 1-hour or a 4-hour chart will serve as an instrument for getting an ideal time to launch an order.
A short glance at the technical analysis, bears are to take control of the AUD/USD market operations around the 0.6800 resistance trading spot.
AUD/USD 4-hour Chart
Over time, the AUD/USD medium-term chart reveals that the currency pair has been in a bullish-trending outlook above the trend line of the bigger SMA. The 14-day SMA I indicator is at 0.66886 over the 0.65677 value of the 50-day SMA indicator. Price has been featuring corrections between 0.6800 and 0.6600. The Stochastic Oscillators have crossed their lines southbound from the 40 levels to 34.40 and 28.11 levels. At this point, sellers should be strategic toward getting decent shorting order entries beneath the resistance value line mentioned above.
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