AUDUSD Stays Aimless Gliding Into a Sideways Market Towards the 0.7000 Level

AUDUSD Stays Aimless Gliding Into a Sideways Market Towards the 0.7000 Level

AUDUSD Price Analysis – October 29

AUDUSD clings to former trading zones aimlessly while gliding into a sideways market towards the 0.7000 level. The current uncertainty surrounding the coronavirus pandemic might continue to lend some support to the greenback’s status as the global reserve currency. Also anticipated RBA interest rates cut in November might hold bulls from placing any aggressive bets.

Key Levels
Resistance Levels: 0.7413, 0.7243, 0.7100
Support Levels: 0.7003, 0.6832, 0.6684
AUDUSD Long term Trend: Ranging
More generally, although the rebound from the 0.5506 level has been strong, there is not yet sufficient evidence to confirm a bullish trend reversal. That is, it could just be a correction within a long-term downtrend. The neutral to bullish bias stays beyond 0.7005, while a break beneath could put pressure on the positive structure.

Trading sustainably beneath the ascending trendline will encourage a bearish scenario and prove that the bounce is over. The attention may return to the 0.5506 low again. On the other hand, a breach of 0.7413 would extend the gain from 0.5506 to 38.2% retracement from 1.1079 (high) to 0.5506 (2020 low) at 0.7620.
AUDUSD Short-term trend: Bearish
AUDUSD intraday sentiment stays bearish despite staying beyond the 0.7005 support zone. At the top of the chart, the resistance level of 0.7350 remains unchanged, further decline is expected. On the other hand, the initial constraints can be due to the horizontal support floor at 0.7005.

On the other hand, a break of 0.7005 will resume corrective fall from 0.7413 and a 38.2% retracement target from 0.5506 to 0.7413 at 0.6684. However, a solid break of the 0.7243 level would retest the 0.7413 high.

Note: Learn2.Trade 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

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Author : Azeez Mustapha

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