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Technical analysis of AUD/USD for November 4, 2015

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Overview:

  • The AUD/USD pair is moving sideways this week. Thus, according to prior events, the price of the AUD/USD pair has still been moving between the ratio of 38.2% Fibonacci retracement levels at the level of 0.7154 and 61.8% Fibonacci retracement at the 0.8503 level. Furthermore, the price opened below the ratio of 76.8% Fibonacci retracement levels (0.7209). Besides, the resistance is set at the 0.7209 level. Moreover, the EMA (100) has to cross the support of 0.7154. It would be a strong confirmation for the bearish market in the long term. Therefore, it will be a good sign to buy above the level of 0.7154 with the first target of 0.7205 and resume to 0.7247. The double top is going to set at the price of 0.7250. However, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7154, the market will lead to further decline to 0.7094 today or tomorrow in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.7067.


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