FX:AUDUSD   Australian Dollar / U.S. Dollar
The Australian Dollar appreciated about 85 base points against the US Dollar on Friday. The currency pair was driven higher by the 50-hour simple moving average during Friday’s session.
The exchange rate was trading below the monthly pivot point at 0.7328 during the morning hours of Monday’s session.
If this resistance level holds, the currency exchange rate will aim at a support cluster formed by the combination of the 100– and 200-hour SMAs near 0.7256 within this session.
However, if the rate passes the resistance line, the pair will aim for a re-tests of the upper boundary of a junior ascending channel pattern at 0.7340.
Nov 20
Comment: The Australian Dollar depreciated about 59 base points against the US Dollar on Monday. The decline was temporary stopped by the weekly PP at 0.7279 during the end of Yesterday’s session.
However, Tuesday’s trading session begins with a bearish momentum and by the middle of the day, the exchange rate has moved closer to the lower boundary of an ascending channel at 0.7253.
Everything being equal, it is likely that the AUD/USD currency exchange rate continues its downward momentum within this session and potentially target the weekly S1 at 0.7220.
Nov 21
Comment: The Australian Dollar depreciated about 95 base points against the US Dollar on Tuesday. The currency pair was pressured south by the 50-hour simple moving average during yesterday’s session.
The exchange rate was near a resistance level formed by the 200-hour SMA at 0.7248 during the European session on Wednesday.
If this resistance level holds, a breakout through the lower boundary of an ascending channel could be expected today.
However, if the currency exchange rate passes the resistance level, the pair could target a cluster formed by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.7278 today.
Nov 22
Comment: The Australian Dollar is trading in a triangle-like formation pattern against the US Dollar. The currency pair tested the upper boundary of the pattern at 0.7279 during Wednesday’s session.
A resistance cluster formed by the 50– and 100-hour SMAs at 0.7249 was preventing the bulls from driving the exchange rate higher during the morning hours of Thursday’s trading session.
If this cluster holds, a possible breakout through the lower boundary of the triangle pattern could be expected today.
Nov 26
Comment: The Australian Dollar is trading in a triangle pattern against the US Dollar. The exchange rate bounced off its bottom border at 0.7200 during the end of Friday’s trading session.
A breakout occurred through the upper boundary of the triangle pattern during the first part of Monday’s session.
Given that the currency pair has breached the pattern, it is likely that bullish traders could push the exchange rate towards a resistance level formed by the weekly R1 at 0.7308 within this session.
However, a resistance line set by the 61.80% Fibonacci retracement level at 0.7287 might prevent the price from hitting target today.
Nov 27
Comment: Downside risks prevailed in the market on Monday, thus allowing the Australian Dollar to depreciated by about 60 base point against the US Dollar during the previous session.
The currency pair began today’s session with strong bullish momentum. However, the surge was stopped by the combination of the 200-hour simple moving average and the weekly PP at the 0.7256 region.
Technical indicators flash bearish signals on the 4(H) time frame. Therefore, it is likely that the currency exchange rate might continue its decline within this session and could target the monthly support level at 0.7200 today.
Nov 28
Comment: The Australian Dollar depreciated about 70 base points against the US Dollar on Tuesday. The currency pair tested the monthly pivot point at 0.7200 during yesterday’s session.
Today’s session begins with a bullish sentiment. However, a strong resistance level formed by the combination of the 50– and 100-hour SMAs at 0.7239 stopped the bullish momentum during the first half to Wednesday’s trading session.
If this resistance level holds, the currency exchange rate could aim for the bottom border of an ascending channel at 0.7200 today.
On the other hand, if the rate passes the SMAs, the next target for the pair will be near the upper boundary of a descending trendline at 0.7256.
Nov 29
Comment: The Australian Dollar surged on Wednesday trading session and reached a resistance level formed by the monthly pivot point at 0.7328.
If the AUD/USD currency pair breaks the resistance level, the Aussie will continue to surge towards the upper boundary of a dominant descending channel at 0.7350 within this session.
However, a bounce off from the resistance level as mentioned above, could follow a decline and potentially aim for the lower boundary of an ascending trendline at 0.7220 during the following trading session.
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