Forecast by Marius Ghisea – AUD/USD (November 7-11)

The AUD/USD currency pair is near overbought level, in the short term. The confirmation of an entry point for downtrend will be at EMA 50 (0.7612). A first target in the medium long term may be 0.7337 (Fibo 0.50). Another target may be 0.7218 (Fibo 0.38).

This currency pair is into a tight range at this moment, between 0.7715 and 0.7620. The downtrend confirmation will be when the price reaches Ema 200 (0.7600), according to the 8 hour chart. The targets may be 0.7520 (Fibo 0.50) and 0.7462 (Fibo 0.38).