Aussie forms positive pattern – Technical Analysis – 11-11-2015

The AUDUSD pair rose recently after settling above 0.7020, as it tested this level twice, hinting to form a positive formation that reverses the short term bearish trend, this pattern is a double bottom that appears on the above chart, supported by breaching the moving average 50, attempting to breach the neckline of this pattern at 0.7065.

Therefore, we expect rising in the coming trading, conditioned by settling above 0.7065 to confirm the completion of the mentioned pattern and head towards 0.7115 resistance.