Price is trapped in a triangle on daily chart.

audusd1

I don’t think that today’s rejection of upper trend line was strong enough, that price will head back down from it. I expect, that price will go and test 50 EMA (blue line) or even a bit higher where 50% Fibonacci retrace is and marked yellow neck line. If price will break 50% Fibonacci retrace, then chances are, that it will try to retest yellow level and head more to the north. Daily stochastics just crossed up from oversold territory, so it could be that we will still see higher prices at the beginning of next week.

There is no major red news on Monday in AU and US.

One thought on “AUDUSD trade plan for 16. of November”

  1. Dimitar Ivanov says:

    Thanks Igor.

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