14.11.201914:50 Forex Analysis & Reviews: Technical analysis of AUD/USD for November 14, 2019

Overview:

The AUD/USD pair continues to move in a downtrend from the level of 0.6833 since yesterday. So, major resistance is seen at 0.6864, while immediate support is found at 0.6833 (pivot). Additionally, it should be noted that the resistance coincides with the ratio of 61.8% Fibonacci. Today, we guess that the pair will be traded lower in the early session and try to reach the first support at the level of 0.6783. The bias is neutral in the nearest term probably with a little bearish bias testing 0.6740 area, which needs to be clearly broken to the down side to keep the bearish scenario. A clear break below that area (0.6783) could lead the price to the downtrend zone in the nearest term testing 0.6740 (first support). Thence, we confirm the bearish scenario. Right now, the pair will probably go down because a downward trend is still strong and the RSI indicator is still signaling that the trend is downward. Therefore, it is a good idea to sell below the resistance of 0.6783 with the first target at 0.6740. If the AUD/USD pair is able to break the first target, then the pair will face a strong bearish bias towards the 0.6687 level. Otherwise, the breakdown of 0.6884 will allow the pair to go further up to the levels of 0.6914 and 0.6961. Besides, is should be noted that all positions must be closed before the closing bell in New York session tomorrow.