AUDUSD Moves to Retest the Resistance with Renewed Buying from the Key Support

AUDUSD Moves to Retest the Resistance with Renewed Buying from the Key Support

AUDUSD Price Analysis – November 7

The Aussie dollar pair moves ahead as the pair finds buyers early in the European session while still stuck in a tight trading range. Although the FX pair had appreciated about 48 pips versus the US Dollar, the dominant indicators display its likely the exchange rate may attempt to decline in subsequent trading sessions.

Key Levels

Resistance Levels: 0.7205, 0.7085, 0.6955

Support Levels: 0.6810, 0.6723, 0.6670

AUDUSD Long term Trend: Bullish

The FX pair long term trend bullish reversal is in progress with bullish convergence structure in place on the daily moving average 5 and 13. However this scenario is not confirmed yet, so we’d stay with the intact bullish trend in the long term.

With the resistance on the horizontal zone on the level at 0.7085 staying intact, the extended downtrend from the level at 0.7205 (high) is still expected to continue to the level at 0.6670 (low). Meanwhile, the decisive break of the level at 0.7085 may validate medium term bottoming and start the resumption of the rally past the level at 0.7205.

AUDUSD Short term Trend: Bullish

In the short term, the AUDUSD intraday bias is consolidating from the near term resistance level at 0.6929 while staying neutral at first. On the flip side, if a decline should occur we may see its limitation by the level at 0.6810 support.

Again further past near term resistance on the level at 0.6929 may target the level at 0.6955 minor resistance. After trending lower to the level at 0.6861 earlier in the session, the AUDUSD pierced through the key technical support turned resistance level at 0.6882.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6882
Stop: 0.6723
Target: 0.7085

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.