AUD/USD: End Of Week Technicals - Bearish Breakdown or Market Rally

AUD/USD: End Of Week Technicals - Bearish Breakdown or Market Rally

13 November 2015, 09:11
Sergey Golubev
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Weekly price is on primary bearish market condition with the ranging within 0.7381 resistance level and 0.6907 support level:

  • The price is located to be far below 100 period SMA (100 SMA) and 200 period SMA (200 SMA) for the primary bearish condition.
  • 100 SMA is below 200 SMA for the bearish trend to be continuing.
  • Symmetric pattern was broken by the price to below with 0.6934 as the nearest bearish target.
  • The nearest support levels for the pair are 0.6934 and 0.6907.
  • The nearest resistance levels for the pair are 0.7381 and 0.8162.

If the price breaks 0.6907 support level so the primary bearish will be continuing.
If the price breaks 0.7381
resistance level so we may see the local uptrend as the secondary market rally within the primary bearish market condition.
If the price breaks 0.8162
resistance level so the price will be started to be reversed from the primary bearish to the primary bullish condition with the secondary ranging.
If not so
the price will be ranging within the levels.

  • Recommendation for long: watch close the price to break 0.7381 for possible buy trade
  • Recommendation to go short: watch the price to break 0.6907 support level for possible sell trade
  • Trading Summary: bearish

Resistance
 Support
0.73810.6934
0.8162
0.6907

SUMMARY : bearish

TREND : ranging
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