AUD/USD: bearish breakdown. Morgan Stanley made a technical and fundamental forecast suggesting to sell AUD/USD especially related to stronger USD and Employment Change news event on Thursday. The price is on bearish market condition for the secondary ranging within 0.7381 resistance level and 0.6898 key support level. If the price breaks 0.6898 support from above to below so we may see good breakdown with S3 Pivot at 0.6181 as the next real bearish target.
Anyway, Chinkou Span line is located below the price and directed us to the ranging bearish trend to be continuing, and Absolute Strength indicator is evaluating the trend as the secondary ranging.
There are the following news events which will be affected on AUD/USD price movement for the week:
- 2015-11-11 05:30 GMT | [CNY - Industrial Production]
- 2015-11-12 00:30 GMT | [AUD - Employment Change]
- 2015-11-12 14:30 GMT | [USD - Fed Chair Yellen Speaks]
- 2015-11-13 13:30 GMT | [USD - Core Retail Sales ]
| Resistance | Support |
|---|---|
| 0.7381 | 0.6898 |
| 0.7848 | 0.6181 |
