FX.co ★ Technical analysis of AUD/USD for November 20, 2014

Trading recommandations: 

• The AUD/USD pair called for the bearish market from the price of 0.8636 (38.2% of Fibonacci retracement levels) towards the level of 0.8600; but the AUD/USD pair recovered again to start going upwards close to 0.8617 yesterday. Also, it should be noted that the range of the last week was very narrow. Today, the support will set at the level of 0.8580, but the double bottom is going to set at 0.8566 today. On the other hand, the minor resistance has set at 0.8636; and the price of 0.8667 is representing strong resistance. So, the bulls were forced to pull back below the level of 0.8667; thus, this level will be strong resistance for indicating the bearish opportunity below resistance. As a result, it will be a good sign to sell below 0.8667 with a target at 0.8620. It also might resume to 0.8595 on November 20, 2014. Otherwise, the stop loss should set at 0.8685.

Intraday technical levels:

Date:20/11/2014 

Pair:AUD/USD 

• R3: 0.8809
• R2: 0.8764
• R1: 0.8691
• PP: 0.8646
• S1: 0.8573
• S2: 0.8528
• S3: 0.8455