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FX.co ★ Technical analysis of AUD/USD for September 11, 2019

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Forex Analysis:::2019-09-11

Technical analysis of AUD/USD for September 11, 2019

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Overview:

A daily closure above 0.6830 allows the AUD/USD pair to make a quick bullish movement towards the next resistance level around 0.6876.

The bias remains bullish in nearest term testing 0.6923 – 0.6988. Immediate resistance is seen around 0.6876.

The bullish outlook remains the same, as long as the 100 and 50 EMAs are pointing to the upside.

We still anticipate the bullish trend for the upcoming sessions as long as the price is above 0.6830-0.6800 levels

In this area, the trend is challenging a major resistance level. The ascending impulse is strong enough to buy above the support of 0.6830-0.6800 levels.

Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 0.6830 with the targets at 0.6923 – 0.6988. So, it is recommended to place take profit at the price of 0.6988 as the second target today.

On the contrary, traders should watch for any signs of bearish rejection that occur around 0.6830. The stop loss should be placed at the price of 0.6800 (below the daily support).

Mourad El Keddani
Analyst InstaForex
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