20 Nov 2015
AUD/USD: watch failures at 0.7240 for a fade - FXStreet c
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar was among the most benefited by improved risk sentiment, recovering up to 0.7214 against its American rival, and closing the day around the 0.7200 figure, the highest for this November.
Key Quotes:
"The 1 hour chart for the AUD/USD pair shows that the price holds near its highs and well above a bullish 20 SMA, whilst the technical indicators have retreated from extreme overbought readings, but are losing their bearish strength well above their mid-lines, suggesting the ongoing decline is barely corrective.
In the 4 hours chart, the price is above its 20 and 200 EMAs, while the technical indicators are retreating some from overbought levels. The pair has a strong static resistance at 0.7240 and a break above it should lead to further gains for this Friday, whilst failure around the level should see the pair resuming its decline back towards the 0.7000 figure."
Key Quotes:
"The 1 hour chart for the AUD/USD pair shows that the price holds near its highs and well above a bullish 20 SMA, whilst the technical indicators have retreated from extreme overbought readings, but are losing their bearish strength well above their mid-lines, suggesting the ongoing decline is barely corrective.
In the 4 hours chart, the price is above its 20 and 200 EMAs, while the technical indicators are retreating some from overbought levels. The pair has a strong static resistance at 0.7240 and a break above it should lead to further gains for this Friday, whilst failure around the level should see the pair resuming its decline back towards the 0.7000 figure."