AUDUSD november 27th 2018 technical analysis
Last week, the tightening of the US dollar’s buying pressure coupled with the fall in its stock indices hastened the escalation of risk aversion and the fall of the Australian dollar. AUDUSD dipped back from the high of 0. 7338 and stopped its 3-week uptrend. Last week, AUDUSD ended its trading at just above the opening rate of 2017 at 0 7199. If the AUDUSD buyers defend this key level, the next resistance will be at 0.07371. This resistance has been limiting the upward movement for several years.
After the aggravation of sales pressures from the resistance range of 0.7350-0.7133, which is matched with a resistance line line of 1.037083, at mid-week we saw the activation of the demand zone at 0 7224-0.7164. Though the opening rate of 2017 is within this area, daily traders need to pay close attention to the fake failure of this level to close to 0.7151 daily support.
The AUDUSD chart of the four-hour chart combining low commodity prices, the collapse of the US stock market, and the growth of the dollar led the AUDUSD’s 4-hour chart to be pressurized on Friday trading. The reopening rate in October is down at 0 .7,230, and its probability of a downgrade of 0.302 renders. The yellow range is between 0 72 and the key support of .7182 is the best place to enter the AUDUSD purchase deal. Except that this range is within the daily demand range of 0.7224-0.7164, the Rand rate of 0 72 is consistent with the opening rate of 2017.
Price action strategy
Buying AUDUSD from 0.0272-0.7182 could be a good idea, and the losing margin for the AUDUSD purchase can also be placed under the current daily demand zone. The opening rate of October at 0 7230 will be the first trading profit margin for AUDUSD, however, it is advisable to transfer the loss limit to the venue when the market reaches this level rather than exit from the market.