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Technical analysis of AUD/USD for November 6, 2015


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Overview:

  • The AUD/USD pair had a breakdown and extended further to as low as 0.7141 yesterday. Moreover, the price was placed below 61.8% of Fibonacci retracement levels for two days. In addition, it should be noted that the price had formed strong support at the level of 0.7089. Besides, you might note that the price of 0.7067 represents the double bottom on H4. Furthermore, this strong level has still been traded between 38.2% of Fibonacci retracement levels and 61.8% on H4 chart. We expect a range from 90 to 110 pips today. Accordingly, it means probably that the market will start showing the signs of a bearish market again in order to indicate a bearish opportunity in the short term from the 0.7200 level or 61.8% of Fibonacci retracement levels with a target towards the strong support around 0.7088. Meanwhile, bears will be forced to pull back above the level of this area. Hence, this level will act as a spot to sell in the long term. Therefore, it will a good sign to buy above 0.7090 with a target at the price of 0.7200 in order to form a double top today. If the price will be able to break the resistance of 1.7200, then the AUD/USD pair will continue towards the next target at 0.7266


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