AUDUSD Falls Below 0.7100 After Positive US Jobs Statistics

AUDUSD Price Analysis – December 2

In recent activity, the AUDUSD fell below the 0.7100 barriers and is currently trading 0.16 percent down on the day, pressured down by positive US data. The Fed Chair Jerome Powell’s optimistic view of the economy and statement that the bank should press on with policy tightening in face of pandemic threats are backed up by this week’s broadly good US data.

Key Levels
Resistance Levels: 0.7250, 0.7200, 0.7150
Support Levels: 0.7050, 0.7000, 0.6950
AUDUSD Long term Trend: Bearish
After falling below the 0.7555 high, the AUDUSD declines continue running lower under the 5 and daily moving average. The price is below the 0.7100 level, keeping the bears intact in the game. Major bulls, on the other hand, are unlikely to be interested unless they try to make a rebound from the yearly low, which is currently at 0.7062.

Continuous trading below the horizontal support turned resistance at 0.7100 could lead to a further negative scenario, indicating that a bounce is yet far. Traders should keep an eye on the 0.7050 low level. A return above the 0.7150 level, on the other hand, would extend the subsequent rebound from 0.7062 to 0.7250 in case of such a positive move.
AUDUSD Short term Trend: Bearish
For the time being, the intraday bias for the AUDUSD remains negative. As long as the 0.7050 support level remains firm, further advances are still being considered. If the 0.7150 level is breached, the 0.7350 high regions may be the first target.

A robust breach, on the other hand, might kick-start a stronger rebound from the 0.7100 level. Meanwhile a break lower of the 0.7150 support level, on the other hand, might reverse any upside move made and prolong the recovery optimism that began at the 0.7062 level.

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