ForexBrokerInc
ForexBrokerInc Representative
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Friday Update AUD/USD 20/11/2015
The Aussie gains momentum across the currency board and is set to test a key resistance around 0.7250 v the US Dollar as the trading week is coming to an end.
Since finding a decent support and preventing failing below 0.7000 v the US Dollar last week, the Aussie is likely to test the 61.8% retracement level (~0.7250), taking October’s high and November’s low into Fibo calculation.
We noticed an increased interest on AUD pairs but current Aussie buyers will be hoping to see a daily close above 0.7250 as this could potentially trigger further long positions towards the upper boundary of its current bullish channel.
Having checked the economic calendar there’s not much more this week that could negate the current bullish sentiment, which should continue during next week of trade.
RBA’s governor speech scheduled for next week should provide clues as to how market participants will see AUD/USD going for the next few weeks of trade but bear in mindTuesday’s and Wednesday high impact news from US.
Summary:
Daily close above 0.7250 is likely to attract further buyers aiming at the upper boundary of current bullish channel ~0.75.
Daily close below 0.71 would take AUD/USD below its current bullish channel and prompt a fast paced sell offs.
As always, we encourage traders to assess their market exposure on a frequent basis and use Stop Loss to avoid unwanted disappointments.
The Aussie gains momentum across the currency board and is set to test a key resistance around 0.7250 v the US Dollar as the trading week is coming to an end.
Since finding a decent support and preventing failing below 0.7000 v the US Dollar last week, the Aussie is likely to test the 61.8% retracement level (~0.7250), taking October’s high and November’s low into Fibo calculation.
We noticed an increased interest on AUD pairs but current Aussie buyers will be hoping to see a daily close above 0.7250 as this could potentially trigger further long positions towards the upper boundary of its current bullish channel.
Having checked the economic calendar there’s not much more this week that could negate the current bullish sentiment, which should continue during next week of trade.
RBA’s governor speech scheduled for next week should provide clues as to how market participants will see AUD/USD going for the next few weeks of trade but bear in mindTuesday’s and Wednesday high impact news from US.
Summary:
Daily close above 0.7250 is likely to attract further buyers aiming at the upper boundary of current bullish channel ~0.75.
Daily close below 0.71 would take AUD/USD below its current bullish channel and prompt a fast paced sell offs.
As always, we encourage traders to assess their market exposure on a frequent basis and use Stop Loss to avoid unwanted disappointments.
