AUD/USD: general review

Sorting by categories

11/08/2018

Current trend

At the end of October, the AUD/USD pair tested the lows at the levels of 0.7050 and 0.7020 but then left the downwards channel and rose to the level of 0.7300. The main growth catalyst was the decline in demand for USD due to the elections to the US Congress, as well as strong releases on the main Australian indices. Yesterday, the instrument reached a key resistance level of 0.7300. To break it, the pair needs either strong fundamental data from Australia or poor statistics from the United States.

On Thursday, special attention should be paid to the Fed’s interest rate decision and the accompanying FOMC statement. On Friday, major US indices will be released.

Support and resistance

Today, the pair is unlikely to break the level of 0.7300 and continue to grow. The price may return to the medium-term downward trend. However, the transition to a wide sideways trend is predicted further, and then, possibly, a change of the trend to the upward one. AUD is highly oversold, which, combined with Australian strong macroeconomic statistics, increases the demand for currency.

Technical indicators reflect a change in direction: the volumes of MACD long positions are growing rapidly, Bollinger bands are reversing upwards.

Resistance levels: 0.6700, 0.6725, 0.6790, 0.6850, 0.6970, 0.7020.

Support levels: 0.6600, 0.6545, 0.6500, 0.6420, 0.6340, 0.6275, 0.6200.

Trading tips

It is relevant to increase the volume of short positions from the current level with the targets at 0.7100, 0.7050 and stop loss 0.7345.

Share: ВКонтакт Facebook Google Plus Одноклассники Twitter Яндекс Livejournal Liveinternet Mail.Ru

BCS Forex clients are provided with daily analytical reviews and forex market forecasts from the leading experts with many years of successful trading experience. Competent forecasts allow you to realistically assess the situation on Forex market and identify potential risks, as well as emerging investment opportunities. At the heart of professional forecast is an expert opinion based on analysis and the latest trends of the world financial markets.

To make forecasts, you need not only a comprehensive analysis of market fluctuations, but also  experience in Forex. Our experts possess all the features required for predicting certain market quotations. Analysis of such experts is supported by years of successful trading operations and in-depth knowledge of the peculiarities of global financial markets.

Please note:

After 03 seconds you will be redirect to
BrokerCreditService (Cyprus) Limited. (www.bcscyprus.ru)

If it didn't happen automatic, please, select go to.