AUD/USD at fresh new lows November 13, 2017

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The price plunged and resumed the Friday’s bearish movement. Is trading in the red and seems determined to drop much deeper in the upcoming period as the dollar index still maintains a bullish perspective on the short term. AUD/USD moves in range on the short term, but it could breakout in the upcoming days and could bring us a great trading opportunity.

Remains to see what will really happen because has failed to reach a very strong dynamic support again, but it will reach and will break it if the USDX will climb much higher. Seems that the sideways movement represents a distribution movement, signaling that the rate will hit fresh new lows in the upcoming period.

The Aussie dropped significantly as the Chinese data have come in worse again, the New Loans have dropped from 1270B to 663B in October, has come much below the 781B estimate, while the M2 Money Supply increased only by 8.8%, less versus the 9.2% estimate and compared to the 9.2% growth in the former reading period. On the other hand, the USD increased and stay higher even if the US Federal Budget Balance was reported deep in the negative territory, at -63.2B, much below the -58.2B.

Price dropped and was almost to hit the median line (ML) of the major black descending pitchfork and the 61.8% retracement level. We have an important confluence area formed between the 61.8% and the ML, a valid breakdown will signal a further drop in the upcoming period and only a rejection will send the rate higher again.

You can see that the rate has moved sideways on the short term, but seems poised to breakout from this minor range. The perspective remains bearish on the short term after the failure to reach and retest the median line (ml) of the minor descending pitchfork. We have a very important target at the lower median line (LML) of the blue ascending pitchfork. A buying opportunity will appear after a valid breakout above the median line (ml) of the descending pitchfork.

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