Technical analysis for AUD/USD for October 30, 2018

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Technical outlook:

The 1H chart view has been presented here for a short term outlook in AUD/USD. As seen here, after printing fresh lows at 0.7020 levels last week, the AUD/USD pair produced an engulfing bullish reversal candlestick pattern and rallied up to 0.7110 levels (yesterday's high). Besides, note that during its recent up swing, the pair broke its immediate line of resistance as well as price resistance at 0.7100 levels. The subsequent pullback bounced from fibonacci 0.618 support as depicted here; the pair also produced an engulfing bullish candlestick pattern. Ideally prices should now remain above 0.7020 levels and push higher through 0.7160/70 levels as projected here.

Trading plan:

Long now, stop below 0.7020, target 0.7180

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com