AUDUSD Price Remains Depressed Near Lows of 0.7226 Level As Receding Optimism on COVID-19 Vaccine Exert Pressure

AUDUSD Price Remains Depressed Near Lows of 0.7226 Level As Receding Optimism on COVID-19 Vaccine Exert Pressure

AUDUSD Price Analysis – November 13

AUDUSD hovers around the 0.7226/31 range, bouncing off a one-week low of 0.7226 level, at the beginning of Friday’s session. The Australian dollar price remains depressed by a dismal market mood, and a receding optimism on the COVID-19 vaccine exerting pressure as the USD recover some ground.

Key Levels
Resistance Levels: 0.7620, 0.7413, 0.7243
Support Levels: 0.7136, 0.7005, 0.6832
AUDUSD Long term Trend: Ranging
After declining beneath the 0.7244 high, AUDUSD stays beyond the 13 daily moving average near the 0.7180 level, which in turn keeps the bulls in play. However, major bulls are unlikely to be interested unless they try to hit a new high for the month, currently 0.7339 level.

Continuous trading beneath the ascending trendline at the 0.7005 level may contribute to a bearish scenario and prove that the bounce is over. Traders may pay attention to the 0.5506 low level. On the other hand, a breach of 0.7413 level would extend the gain from 0.5506 to 38.2% retracement from 1.1079 (high) to 0.5506 (2020 low) at 0.7620 level.
AUDUSD Short term trend: Ranging
The intraday bias for AUDUSD stays optimistic for now. Further advances are still under consideration as long as the 0.7209 support level stays intact. A breach of 0.7339 level may target the 0.7413 high level initially.

However, a solid breach could restart a stronger rebound from the 0.5506 level. On the other hand, a breakout of the 0.7209 level may reverse the downtrend to continue the consolidation trend from the 0.7413 level.

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.