AUDUSD – Weekly Forecast 11-15 Nov 2013

Minors - 956854 (1)

Recommendations: SHORT positions around 0.9454 with  0.9350 &  0.9280 as next target.
Alternative scenario: The upside breakout of 0.9542 will open 0.9600/0.9757  levels.
Description: A short-term top has been confirmed at the 0.9757 levels, stability below 0.9542 will keep the pair under pressure with risk towards 0.9280 levels, at this point I’d expect strong support from 0.9280 to limit fall from 0.9757 levels and bring reversal to the upside , resistance is at 0.9542, sustained trading above this level would bring rebound towards 0.9583/0.9622 levels, above this level will look for 0.9670/0.9757 levels. On the downside, losing the 0.9280 levels will have large bearish implication towards 0.9166 levels ahead of 0.8847 levels.

Support and resistance : 0.8847 ,0.9166 , 0.9280 (main) , 0.9542 , 0.9622 , 0.9757 , 0.9960, 1.0310

 

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