AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
AUD/USD on its way to duplicate a bearish cycle
2019-11-11 • Updated
AUD/USD has been trading in a bearish tone across the board and is making a breakout below the lows from the last three weeks. This move has allowed to the Aussie to consolidate the price action below the 200 SMA, at which it found strong dynamic resistance and that’s why we’re expecting a lower continuation towards the Fibonacci level of 100% at 0.7608. To the upside, if the pair manages to rebound at the current stage, then the next target would be the highs from last week.
RSI indicator stays in the oversold territory, favoring to the bullish scenario.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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