The bullish pressures on the AUDUSD got more tensed since the 18th of November 2016 where the price climbed from 0.7314 to 0.7417.

The buyers took control of the pair by 100 plus pips to their favour, a profitable movement with good gains for the bulls.

Probable Scenario

The latest stabilization of the price close to the 0.7417 area which is below today’s major pivot point level the 0.7480, is a good indication that the buyers could likely exert further momentum to boost the price higher.

Stochastic oscillator signals that a probable bullish retracement at the 80 level has greater chances to occur.

In the event where the pair escalates, the buyers could set their take profit target at 0.7579.

audusd-nov-23-2016

Alternative Scenario

Alternatively, a bearish breakout below the 0.7417 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.7314.

Today’s Major Announcements

  • There are no any releases on the Australian dollar
  • The Durable Goods Orders (Oct), the Durable Goods Orders ex Transportation (Oct), the EIA Crude Oil Stocks Change (Nov 18), and the FOMC Minutes releases are expected to have a strong influence on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 0.7480

·         Bullish take profit target: 0.7579

·         Stop loss target: 0.7417

·         Alternative trend (Bearish): 0.7417

·         Bearish take profit target: 0.7314