AUD/USD Prediction – November 15
Recently, it recorded that the AUD/USD market operations experienced a downward correction in its valuation. But, now, the currency pair trade sets for recovery, having hit a support line to trade around 0.7349 at a percentage rate of about 0.26 positive.
AUD/USD Market
Key Levels:
Resistance levels: 0.7400, 0.7500, 0.7600
Support levels: 0.7200, 0.7100, 0.7000
AUD/USD – Daily Chart
The AUD/USD daily chart reveals that the fiat-currency pair trade sets for recovery, having succumbed to a line of price corrections in the recent past operations. The 14-day SMA trend line has intercepted the 50-day SMA trend line from the top, separated by a smaller space. The upper bearish channel trend line has touched in the course of the current recovery moving mode of the trade. The Stochastic Oscillators are in the oversold region, trying to open the lines northbound close beneath the range of 20. That suggests that an upward motion is in the loom.
Has the AUD/USD market found reliable support around 0.7300 as the currency pair trade sets for a recovery?
From the technical viewing, the AUD/USD market seems to have found support around 0.7300 as the currency pair trade sets for a recovery motion presently. Long-entry position takers are expectant ought to have launched buy orders during the emergence of yesterday’s bullish candlestick before the touching of the upper bearish channel trend line. In pursuance of the recovery trend, buyers may have to be wary of any attempt to revert the move violently against the value line mentioned earlier.
On the downside, the AUD/USD market sellers may now have to suspend further shorting orders as it has established that the currency pair price now sets for e recovery movement. In the long run, of the market slowing down its current embarked rallying motion, the market tends to enter a line of convergences between the levels of 0.7500 and 0.7400 at a later trading session.
Summarily, as it currently depicted that the market has embarked upon a recovery motion, it would be psychologically wise that traders lookout for decent buy entries that the market may give around a lower trading spot underneath the SMA indicators afterward.
AUD/USD 4-hour Chart
The AUD/USD 4-hour chart showcases that despite the currency pair trade sets for a recovery motion, the market’s trend is in a bearish outlook. The 50-day SMA trend line is above the 14-day SMA trend line. The Stochastic Oscillators have moved into the overbought region, with the lines closed within it. At this point, it appears that the coin pair trade tends to lose momentum under the resistance value line of 0.7400. A sudden break down at 0.7300 may extend purposely to test a lower support level around 0.7250. Traders are, therefore, advised to allow some degrees of pull-downs carrying a quick rebounding effort before considering buying positions afterward.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply