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    Technical analysis of AUD/USD for November 11, 2015

    1447239069_AUDUSDH4.png

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    Overview:

    • The AUD/USD pair's sharp drop from the level of 0.7107 extended to 0.7058 and closed at 0.7070 yesterday. Likewise, the price has been placed below 38.2% of Fibonacci retracement levels for a while. Moreover, the price has formed a strong resistance at the price of 0.7106. Equally important, this strong level has still been moving between 38.2% of Fibonacci retracement levels and the double bottom on the H4 chart. Consequently, the market will probably start showing bullish signs again in order to indicate a bearish opportunity at the level of 0.7106 with the first target of 0.6990 and continue towards 0.6936. Nevertheless, bears were forced to pull back above the level of 0.6936; therefore, this level will be a strong support for indicating the bullish opportunity above the double bottom (0.6936). As a result, it will be a good sign to buy above 0.6936 with the target at 0.7105. It also might resume to 0.7160.

    Intraday technical levels:

    Date: 11/11/2015

    Pair: AUD/USD

    • R3: 1.0807
    • R2: 1.0785
    • R1: 1.0758
    • PP: 1.0736
    • S1: 1.0709
    • S2: 1.0687
    • S3: 1.0660
  • R2: 1.0785
  • R1: 1.0758
  • PP: 1.0736
  • S1: 1.0709
  • S2: 1.0687
  • S3: 1.0660

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