Forex technical analysis AUD/USD 14.11.2017

14.11.2017 / 11:29

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Forex technical levels AUD/USD | Our expectations:

A short-term downward trend and a new lower bottom signal a likely continuation of the trend. The price is under diagonal and horizontal resistance - a negative formation. 50% Fibonacci of the upward movement is broken and the SMA50 / 200 are in a bearish formation, which increases the probability of a new downward impulse. DeM (14) is in oversold zone below 0.3, but its retention below can be interpreted as negative here due to the breakout of the flag formation.

The Double Top active formation has 200 more taps to perform 1: 1, which gives us extra justification for staying short against AUDUSD, and to mitigate the risk, we can wait for a slight adjustment.

Next strong support level 0.7570

SL: 0,7750

Alternative Scenario: If the price breaks above the diagonal resistance of the bearish price channel that will cancel the bearish scenario and we can expect an increase.

Trader Nikolay Georgiev

Varchev Traders

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Forex technical analysis AUD/USD 14.11.2017

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