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11.11.201914:10 Forex Analysis & Reviews: Technical analysis of AUD/USD for November 11, 2019

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Overview:

Pivot: 0.6856

The resistance of AUD/USD has been broken. It turned into support around the price of 0.6856. So, the pair found a strong support at 0.6856. The level of 0.6856 coincides with the golden ratio (38.2% of Fibonacci retracement) which is acting as major support today. Another thought is that the Relative Strength Index (RSI) is considered overbought because it is above 30. At the same time, the RSI is still signaling an upward trend as the pair is still firmly trading above the moving average (100). It suggests that the pair will probably move higher in coming hours. Accordingly, the market will probably show the signs of a bullish trend. In other words, buy orders are recommended above 0.6856 level with the first target at the level of 0.6931. The price of 0.6931 will act as a strong resistance and the double top has already set at the point of 0.6931. From this point, the pair is likely to begin an upward movement to 0.6931 and further to the levels of 0.6960 and 0.6990. On the other hand, if a break happens at the support of 0.6800, then this scenario could become invalidated.

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