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AUD/USD technical analysis: Choppy price action of late - price may now be breaking lower

Written by By Rajan Dhall, MSTA | 2019-11-08 10:19:28 GMT
  • Price action in AUD/USD has been very choppy of late.
  • Now it looks like the price might break the support level.

 

AUD/USD has been stronger lately due to the improved trade outlook helping China.

If China becomes stronger then AUD normally does due to the fact that the Chinese purchase commodities from the Australians.

Therefore the copper and iron ore price becomes important to AUD and both have been rallying recently.

Daily Chart

The support level to watch out for is 0.6861. The price got there recently but then swiftly pulled back up.

On the topside, you can seel there has been tests higher over the last seven sessions but they have all failed to break 0.6929 despite the positive trade war sentiment.

AUD/USD analysis

1-hour Close Up

On the hourly chart you can see a close up of all the tests higher. More recently you can see some lower highs have been created. 

Now the support level on the downside becomes even more important as if it breaks a lower high lower low formation will be completed.

If there is to be some positive trade headlines that push commodities higher this afternoon the move may reverse.

For now look to see how price reacts at the lower support zones.

AUDUSD analysis

 

Author

By Rajan Dhall, MSTA

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