AUDUSD

The AUDUSD price action has been breaking levels since the beginning of November. We think that price may continue it’s bullish long term trend. Last month we wrote about the pair and how it was holding above a major key support level. Click on link for proper reference https://fxsits.com/the-audusd-candlestick-signals-bullish-move/ . Since our last post price has moved 148 pips.

AUDUSD H4 Chart 11 November 2020
AUDUSD H4 Chart 11 November 2020

Price currently trades at level 0.73062 at the time of this writing. This is below a key resistance level 0.73271. Taking a look at the H4 chart, you may notice that the anti-trend-line has been broken. Level 0.72211 has also been broken as price trades above support and resistance level. If we see price break the major resistance level 0.73271 and hold on the daily chart then we could see price target level 0.73689 .Possibly even reach it’s higher high set at level .74136 which our major target area.

AUDUSD daily Chart 11 November 2020
AUDUSD daily Chart 11 November 2020

However,if the AUDUSD price action finds resistance again at level 0.72104 and retraces back to level 0.72104 then we could see level 0.70984 be our next support. We should watch how price moves in the up coming market sessions know where price is heading. Our analysts at fxsits have a long term bullish prediction for the pair in the up coming months.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

Follow Us

Leave a Reply

Your email address will not be published.