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Christopher Lewis
AUD/USD daily chart, November 13, 2019

The Australian dollar has pulled back a bit during the trading session on Tuesday, only to show signs of life again as the 50 day EMA continues to offer support. Earlier in the day it looks as if we are trying to form a bit of a hammer, and therefore it’s likely that the market will continue to be attractive to those looking for a bit of value, and at this point it’s likely that the markets will continue to hang on every word of the US/China trade situation but it does seem as if that scenario is getting a little bit better in general. If that is in fact going to be the case, the Australian dollar should be one of the main beneficiaries of that positivity. At this point, markets are oversold from a historical standpoint, so as the 50 day EMA approaches pricing, it’s not a huge surprise to see that there might be some buyers willing to step in and try to take advantage of this.

AUD/USD Video 13.11.19

To the upside, there is the 200 day EMA which could cause some issues, and therefore paying attention to that is probably the best way to look for some type of trend change. If we get that level broken, then it’s very likely that we will go looking towards the 0.71 handle. On some type of positive news out of the US/China trade situation that the market can “think it’s teeth into”, it’s likely that this market will skyrocket. At this point, it looks as if the 0.67 level is offering a bit of a “double bottom.”

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