The sellers attempted to place greater pressures since the 30th of November 2016 and were indeed the big gainers with a profit of 120 plus pips to their favour. Today’s major pivot point area is the 0.7414 level.
The latest stabilization of the pair slightly below the 0.7414 area is a good indication that the price may retrace once again to the downside.
In the event where the pair drops, the sellers could lock their profit at 0.7362.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of retracing downwards.
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 0.7429 level, the price could rise to 0.7495.
- There are no any releases on the Australian dollar
- The ISM Manufacturing PMI (Nov) release is expected to have a strong impact on the U.S. dollar
· Probable trend (Bearish): 0.7414
· Bearish take profit target: 0.7362
· Stop loss target: 0.7429
· Alternative trend (Bullish): 0.7429
· Bullish take profit target: 0.7495