Technical analysis for the AUDUSD on 26.11.2015

0

The AUDUSD: growth halted at 0.7280 resistance

audusd4

Strong resistance at 0.7280 halted further uptrend in the Australian dollar again. The test of the level is followed by correction down.

The correction has already allowed bears to hold below the closest support of 0.7250. Taking into account yesterday’s low volatility, this correction has all chances to continue.

The breakout of 0.7225 support will be a signal for further decline, which will open the way to 0.7155 mark.

Alternative scenario:

The uptrend will continue if price breaks and holds above the weekly high of 0.7280. The breakout will open the way towards 0.7380.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

Share.

About Author

Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.