AUD/USD: Price bounced at pivotal support at 0.6700, formed

Tian Kriek

Analyst


November 13, 2019 02:51 PM

BULLISH

Daily Trading Range:
AUD/USD: Price bounced at pivotal support at 0.6700, formed a Bullish Morning Star Candlestick Formation and breached the down monthly Inner Trend Line. The Monthly Probability is now Bullish. Looking at the weekly time frame from a Bullish perspective I can see that price is heading to the next pivotal resistance at 0.7200. The Daily Fibs are also in an UP ABCD swing with the D extension very close to the psychological level of resistance at 0.7000. Price is converging with the Daily Outer Trend Line. I shall consider a buy in the event that a bounce is confirmed by means of the Daily Down Counter Trend Line break

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7750
Resistance 2: 0.8460
Resistance 1: 0.8530
Current Price 0.6829
Support 1: 0.7050
Support 2: 0.7000
Support 3: 0.6950

Two Hour Chart

Two Hour Chart
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