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    AUD/USD: short positions are preferable on 11.02.2016

    From the technical point of view short positions are preferable for the pair. On the daily chart the pair AUD/USD is moving in the downward channel with the bottom limit near the level of 0.6700. The price has broken important support level of 0.7085 (ЕМА50 on the daily chart, ЕМА200 on the hourly and 4-hour charts).

    On the daily and 4-hour charts the indicators OsMA and Stochastic give signals for short positions. However, the price can drop to support levels of 0.6975 and 0.6950 (lower limit of the downward channel on the 4-hour chart) and 0.6910 (Fibonacci retracement of 0% versus the lows since July 2014). Breakdown of the level of 0.6910 will confirm the completion of the upward correction and will enable the price to go to the key support levels of 0.6350 and 0.6000 (lows of 2008 – 2009).

    A different scenario will be possible if the pair goes above the level of 0.7085 up to resistance level of 0.7225 (ЕМА144 on the daily chart and upper line of the downward channel on the daily chart). Consolidation of the price above the level of 0.7340 (ЕМА200) will enable the rise in price to 0.7510 (Fibonacci 23.6%). However, this scenario is unlikely due to different monetary policies and decrease in price of commodities.

    Support levels: 0.7000, 0.6975, 0.6950, 0.6910, 0.6860.
    Resistance levels: 0.7085, 0.7140, 0.7225, 0.7340.

    Trading tips

    Sell Stop 0.7010.
    Stop-Loss 0.7060.
    Take-Profit 0.6975, 0.6950, 0.6910, 0.6860, 0.6810.

    Buy Stop 0.7110.
    Stop-Loss 0.7070.
    Take-Profit 0.7140, 0.7200, 0.7225.

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