AUDUSD Price Action Trades Near Multi-Week Lows, Hitting 0.7382

AUDUSD Price Analysis – November 4

AUDUSD has been trending lower and is currently testing under the 0.7400 level. The pair is heading south once more, having failed to sustain its move through the 0.7450 barriers following the US dollar’s broad rally and mixed Australian Trade and Retail Sales data. Risk aversion prevails in the foreign exchange market, with safe-haven currencies appreciating.

Key Levels
Resistance Levels: 0.7645, 0.7551, 0.7450
Support Levels: 0.7350, 0.7220, 0.7150
AUDUSD Long term Trend: Ranging
The Australian dollar was unable to break through the high level of 0.7480, but the AUDUSD remains in a near-term consolidation phase after retreating beneath the high level of 0.7450, as the market continues to relax its overbought RSI. The 0.7480 level, then 0.7551, are near-term AUDUSD resistance levels, up from the 0.7450 level.

An impending separation beyond may bolster the idea of a greater trend to the upside in the future. A sustained dip below the 0.7400 level might result in the formation of a mini top and a return to the moving average of 13 at 0.7470 today’s intraday high, where we expect a concerted attempt to continue upwards.
AUDUSD Short term Trend: Ranging
Meanwhile, technical indicators on the 4-hour chart have drifted into the bearish zone, indicating the possibility of further weakening. Furthermore, if the slide proves to be short-lived, with the pair likely sustaining the ground below the 0.7400 level, the emphasis may go back to the 0.7450 resistance zone.

To summarize, the AUDUSD is predicted to remain under pressure in the short term, with the level of 0.7383 possibly attempting to provide some support. In both short and medium-term timeframes, a rebound beyond the level of 0.7450 might put the pair back on a positive path.

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