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.
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.
Entry price: 0.6882
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.