AUDUSD Bears Retain Dominance, Sights Set on Sub 0.7300 Level

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AUDUSD Price Analysis – November 11

The AUDUSD currency pair 0.44% on the day to a one-month low around 0.7287, down for the third day in a row following the release of Australian jobs data early Thursday. The momentum indicators are pointing to more falls, putting the sub 0.7300 level in focus for the sessions ahead.

Key Levels
Resistance Levels: 0.7555, 0.7450, 0.7350
Support Levels: 0.7250, 0.7150, 0.7050
AUDUSD Long term Trend: Bearish
At the start of the American session, the AUDUSD broke through a minor support level of 0.7300. A breakdown is a sell signal, with a target of sub-0.7300 and possibly as far as solid support at 0.7220 for near-term profit-taking. In all likelihood, the AUDUSD exchange rate will continue to fall over the next trading session.

The 0.7220 level could be a potential target for bears. While the retracement from the 0.7555 level is still happening, there isn’t enough data to confirm a positive trend reversal at this time. That is, it could just represent a reversal of the long-term consolidation tendency. On the plus side, a bullish comeback above the 0.7350 mark will restore buyer confidence.
AUDUSD Short term Trend: Bearish
After a rejection at 0.7341, the AUDUSD reversed its upward trend lower to 0.7287 on the 4 hours. The pair was last seen trading at 0.7295, essentially unchanged throughout the day. The 13 moving average is projected to be tested at 0.7360, followed by a return to 0.7383.

Breaking through the 0.7350 mark on the AUDUSD may signal a return to growth from the 0.7105 level. The intraday trend is bearish. The lower level of 0.7220 is the next objective. A drop below the minor support level of 0.7250, on the other hand, could accelerate the selling bias and later initiate sideways trading.

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