2016-11-02 13:58:50

Review and dynamics
The pair AUD/USD has been rapidly growing since the beginning of this month. Yesterday, the pair

sharply went up on the RBA’s decision to leave interest rate at the current level of1.5%. In the result, the price of the Australian currency in the pair AUD/USD has increased by 80 points against the opening price at the level of 0.7688.

However, later, during the American session and since the opening of today’s trading day the pair fell losing half of the points gained yesterday.

Yesterday the pair rebounded from the support level of 0.7610 (ЕМА50 on the daily chart), almost reaching strong resistance level of 0.7700. The pair AUD/USD remains on the lower line of the ascending channel on the weekly chart above the key support level of 0.7520 (ЕМА200 and the lower line of the ascending channel on the daily chart).

Our opinion
After last week’s attempt to break out resistance level of 0.7700 the pair AUD/USD rebounded from this level and reached support level of 0.7610 (ЕМА50 on the daily chart).

Yesterday the pair repeated the attempt to break out the level of 0.7700 but failed again. However, the positive trend in the pair AUD/USD continues.

On the weekly chart the pair AUD/USD remains in the ascending channel with the upper limit near the level of 0.7960 (ЕМА144 on the weekly chart). In case of breakout and consolidation above the level of 0.7700, the rise in the pair may continue up to the levels of 0.7820 (Fibonacci 38.2% and highs of April), 0.7960 (ЕМА144 on the weekly chart), 0.8130 (Fibonacci 50.0%) and 0.8200 (ЕМА200 on the weekly chart).

Breakdown of the support level of 0.7610 can trigger the decline in the pair AUD/USD to the level of 0.7520. After breaking down of the level of 0.7445 (Fibonacci 23.6% after the decline since July 2014) uptrend in the pair AUD/USD may stop and the pair may go down to support levels of 0.7325, 0.7140 (lows of May).

The indicators OsMA and Stochastic give mixed signals.

Important levels are 0.7520 and 0.7700.

Support levels: 0.7610, 0.7520, 0.7445, 0.7325, 0.7290, 0.7200 and 0.7140.
Resistance levels: 0.7650, 0.7700, 0.7820, 0.7900 and 0.7960.

Trading tips
Sell Stop: 0.7600. Stop-Loss: 0.7650. Take-Profit: 0.7580, 0.7520, 0.7500 and 0.7445.
Buy Stop: 0.7660. Stop-Loss: 0.7610. Take-Profit: 0.7690, 0.7750, 0.7800, 0.7820, 0.7900 and 0.7960.

In the ascending channel
In the ascending channel

Rebound from the level of 0.7610
Rebound from the level of 0.7610