The AUD/USD reached the lowest levels in 11 months and began recovering as the US Dollar finally takes a breather. However, the pair may run into massive resistance. The Technical Confluences Indicator shows that the 0.7477 level is the convergence of the Simple Moving Average 200-15m, the SMA50-1h, the Fibonacci 38.2% one-day, the one-month low, the one-week low, and the Pivot Point one-week Support 1.

Should the Aussie break higher, the next cluster of resistance lines is not that far off. 0.7504 is the meeting point of the SMA100-1h, the Fibonacci 61.8% one-day, and the Fibonacci 23.6% one-week.

On the downside, a congestion of support lines awaits at 0.7438 which is the 1d-high, the Bolinger Band 15m-Lower, and the Pivot Point one-month Support 1. The next cushion is at 0.7422 which is the confluence of the Pivot Point one-week Support 2 and the Bolinger Band one-hour Lower.

Here is how it looks on the tool:

Confluence Detector

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. This means that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.