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Technical analysis for the AUDUSD on 11.11.2015

The AUDUSD is consolidating below tough resistance of 0.7070

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 135 pips Max. 0.7165
Min. 0.6935

audusd1

The Australian dollar failed to break above 0.7070 resistance. The price approached this barrier at low volumes, divergence suggests weakening bullish potential.

Despite the fact that bulls failed to break above 0.7070, trading is still carried out within the descending channel. As long as the channel remains intact, dominating bearish potential preserves.

The more the price consolidates below 0.7070 resistance, the bigger is the possibility of the rebound down. Potential rebound target is situated at the round support of 0.7000.

Alternative scenario:

Correction up will continue if price breaks resistance at 0.7070. The breakout will open the way to level 0.7125.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

The AUDUSD is consolidating below tough resistance of 0.7070

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 135 pips Max. 0.7165
Min. 0.6935

audusd1

The Australian dollar failed to break above 0.7070 resistance. The price approached this barrier at low volumes, divergence suggests weakening bullish potential.

Despite the fact that bulls failed to break above 0.7070, trading is still carried out within the descending channel. As long as the channel remains intact, dominating bearish potential preserves.

The more the price consolidates below 0.7070 resistance, the bigger is the possibility of the rebound down. Potential rebound target is situated at the round support of 0.7000.

Alternative scenario:

Correction up will continue if price breaks resistance at 0.7070. The breakout will open the way to level 0.7125.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!



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