AUDUSD Sold-Off Beneath 0.7100 Level Amid Nov RBA Rate Cut

AUDUSD Price Analysis – October 15

AUDUSD added to its intraday losses and fell to a weekly low below 0.7100 at the start of the European session. Selling pressure around the AUDUSD pair intensified in the American session, knocking rates down to their lowest level in two weeks around 0.7056. The Australian dollar also remains under pressure amid the RBA rate cut in November.

Key Levels
Resistance Levels: 0.7413, 0.7350, 0.7209
Support Levels: 0.7003, 0.6832, 0.6684
AUDUSD Long term Trend: Ranging
AUDUSD is looking south, breaking through the trend line connecting the September 25 and October 7 lows early Thursday. A break of the ascending trend line downward indicates a renewed sell-off from the Sept. 1 high of 0.7413. Besides, MA 5 is about to cross MA 13 and enter bearish territory below zero.

Support for the breakout is a dip below -50 or a bearish 14-day RSI. Sustained trade below the 0.7100 level would support the bearish sentiment and indicate the bounce is complete. The focus will return to the 0.5506 low again.
AUDUSD Short term Trend: Bearish
On the 4-hour time frame, a strong breach of the AUDUSD 0.7100 level suggests that the recovery from 0.7003 has completed at 0.7243. The correction of the fall from the 0.7413 level should be ready to resume.

The intraday bias returned to the downtrend initially towards the 0.7003 level. while a breach may approach the 38.2% retracement from 0.5506 to 0.7413 at 0.6684 levels. On the other hand, a breach beyond the minor resistance levels of 0.7209 would weaken this bearish case and neutralize the bias first.

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