AUD/USD Technical Evaluation
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AUD/USD – Bullish Growth
On Oct 25, AUD/USD U-turned then rallied this week to zero.6929- its highest stage in over three months.
Alongside this, the relative Power Index (RSI) rose from 53 to 66 highlighting the power of uptrend impulse.
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AUD/USD DAILY PRICE CHART (JUNE 15, 2018 – Nov 1, 2019) Zoomed Out
AUD/USD DAILY PRICE CHART (Could 31 – NOv 1, 2019) Zoomed IN
Wanting on the each day chart, we discover yesterday AUD/USD examined transferring to a better buying and selling zone nevertheless, the pair failed and reverted to the previous buying and selling zone zero.6826 – zero.6904, highlighting purchaser’s hesitation to proceed rallying the value.
Thus, one other failure in closing above the excessive finish of the zone might embolden sellers to ship the value for a take a look at of the low finish of the zone. Additional shut under the low finish might see AUDUSD buying and selling even decrease in the direction of zero.6631. Nevertheless, the each day and weekly help space and ranges marked on the chart (zoomed in) ought to be thought of.
However, a profitable shut above the excessive finish of the zone might see AUDUSD buying and selling in the direction of zero.6984. Moreover, it might maintain the value above the neckline of the double backside sample positioned at zero.6894.
This implies the pair might rally in the direction of zero.7000 deal with and above, so long as stays above the neckline. That stated, the weekly resistance ranges underlined on the chart ought to be saved in focus.
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AUD/USD 4-Hour PRICE CHART (Sep 13 – Nov 1, 2019)
From the four- hour chart, we discover on Oct 17 AUD/USD broke above the neckline of inverted head and shoulders mentioned in our article: AUU/USD outlook Could shift to bullish
On the finish of Oct, AUDUSD rallied above zero.6900 deal with for its first time in over three months. The pair might proceed its rally if breaks above zero.6938. In that state of affairs, the value might rally in the direction of zero.7016 contingent on clearing the tip of upper buying and selling zone positioned at zero.6984.
On the flip-side, the value might right decrease if break and stays under the neckline of attainable double prime sample positioned at zero.6883. This implies AUDUSD might decline in the direction of zero.6837. Nevertheless, the each day help underscored on the chart ought to be monitored.
See the chart to know extra about key ranges to watch in an additional bullish/bearish transfer.
Written By: Mahmoud Alkudsi
Please be happy to contact me on Twitter: @Malkudsi