Technical analysis of AUD/USD for November 08, 2018

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Overview:

The AUD/USD pair continues to move upwards from the level of 0.7195. Yesterday, the pair rose from the level of 0.7195 to a top around 0.7302. Today, the first resistance level is seen at 0.7359 followed by 0.7413, while major support is seen at 0.7195 (61.8% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7245 and 0.7413; so we expect a range of 168 pips in coming hours.

Furthermore, if the trend is able to break out through the first resistance level at 0.7302, we should see the pair climbing towards the double top (0.7302) to test it.

Therefore, buy above the level of 0.7302 with the first target at 0.7359 in order to test the daily resistance 1 and further to 0.7413. Also, it might be noted that the level of 0.7413 is a good place to take profit because it will form a new double top on the H1 chart. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7245, a further decline to 0.7195 can occur which would indicate a bearish market.

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