# AUDUSD Retracement Setup (Nov 11, 2014)

Source: https://www.tradersway.com/resources/market-info/audusd-retracement-setup-nov-11-2014/
Language: en
Updated: 2014-11-11

AUDUSD has recently broken below the .8700 major psychological support zone and dipped to the .8550 area before making a pullback.



This correction might last until the broken support area and the Fibonacci retracement levels on the 4-hour time frame.



The 38.2% level seems to be holding for now, as it lines up with the .8700 broken support. However, a higher pullback could still take place and lead to a test of the simple moving averages, as the 100 and 200 SMA line up with the 61.8% Fib. Stochastic is pointing down, reflecting a pickup in selling momentum.



On the other hand, MACD is still moving up, which indicates that there is room for a larger correction. The .8700-.8750 psychological levels might hold as resistance if the downtrend remains intact but a break past these resistance levels could show that a reversal is starting.



![AUDUSD Retracement Setup (Nov 11, 2014)]



There are no event risks for this setup as US banks are on holiday today. Earlier today, Australia reported a decline in its NAB business confidence report, as the reading slipped from 5 to 4.



*By Kate Curtis from Trader’s Way*