Currency pair Australian dollar against the US dollar AUD USD continues to move in line with expectations and is currently retained potential for a tight test 0.7480 area as part of completion of work on Forex Wolfe wave model. Cancellation option could be a strong increase in quotes above 0.7660 levels.
Technical analysis and Forecast AUD USD on November 15, 2016
However, with the test 0.7480 areas is expected to try a pair of correction by the test support line on the indicator of relative strength. In the case of a continuing decline and breakdown of 0.7440 areas should expect the downward trend and quotations fall below the level of 0.7350. We continue to keep selling AUD/USD and are ready to increase the volume of sales after a minor correction of the pair.
Technical analysis and Forecast AUD USD on November 15, 2016 suggests test 0.7480 areas, where we can expect the beginning of the upward correction to above 0.7570 levels.