Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
AUD/USD: resistance is still strong
2019-11-11 • Updated
SELL 0.7055; TP 0.7020; SL 0.7070
Although the Federal Reserve switched to the dovish stance, the policy of other central banks seems even looser. As a result, the USD gets support versus riskier currencies like the AUD.
Have a look at the weekly chart: AUD/USD is facing resistance in the 0.7130 area, while the candlesticks have long upper wicks. The weekly close below 1.7100 will increase the negative pressure. Conservative traders may sell the pair below 0.7060 targeting support at 0.7020 (October low).
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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