AUD/USD

AUD USD Forecas, November 20, 2018

 AUD USD Forecas, November 20, 2018

Current trend, The Australian dollar rose significantly against the US dollar on Thursday, approaching the highs, updated a week ago.

The Australian dollar rose amid strong data from the Australian labor market. The unemployment rate instead of the expected growth remained at the same level of 5.0%. And the employment rate increased by 32.8K, which significantly exceeded market expectations (19.1K). At the same time, the growth was achieved by increasing the number of full-time employed citizens by 42.3K, while the number of part-time workers decreased by 9.5K. The Australian currency is also supported by the comments of the Deputy Head of the RBA Guy Debelle, who noted that the Australian economy is currently less vulnerable due to the efforts of the regulator to curb risky housing loans.

Support and resistance

Bollinger bands on the daily chart are growing, the price range is narrowing, reflecting the mixed nature of trading in the short and medium term.

The MACD indicator is growing, keeping a buy signal (the histogram is above the signal line).

Stochastic is approaching the overbought zone.

Resistance levels: 0.7301, 0.7322, 0.7346.

Support levels: 0.7257, 0.7234, 0.7211, 0.7200.

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Trading tips

To open long positions, you can rely on the breakout of 0.7301. Take Profit – 0.7346 or 0.7360. Stop loss is 0.7300. Implementation period: 1-2 days.

The return of the “bearish” dynamics to the market with a breakdown of the support area of 0.7257–0.7234 can be a signal to new sales with targets at 0.7200, 0.7180 and 0.7150. Stop loss should be placed in the range of 0.7260–0.7290. Implementation period: 2-3 days.

 

Scenario

Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.7305
Take Profit 0.7346, 0.7360
Stop Loss 0.7300
Key Levels 0.7200, 0.7211, 0.7234, 0.7257, 0.7301, 0.7322, 0.7346

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 0.7250, 0.7230
Take Profit 0.7200, 0.7180, 0.7150
Stop Loss 0.7290
Key Levels 0.7200, 0.7211, 0.7234, 0.7257, 0.7301, 0.7322, 0.7346

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