AUDUSD Recovers After Hitting Six-Week Lows at Sub 0.7300

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AUDUSD Price Analysis – November 18

During the American session, the AUDUSD pair extended its rebound from six-week lows, climbing to the 0.7293 intraday high, but there was no follow-through. The divergence in monetary policy stance between the Reserve Bank of Australia (RBA) and the (US) Federal Reserve has fueled the recent trend seen since the beginning of this month.

Key Levels
Resistance Levels: 0.7400, 0.7350, 0.7300
Support Levels: 0.7250, 0.7150, 0.7050
AUDUSD Long term Trend: Ranging
The bulls are returning and guiding the pair towards the moving averages of 5 and 13, now at 0.7285, towards the intraday high of 0.7293 on Nov. 18, with the 0.7300 mark serving as an interim halt. Strong downside support is also provided by an ascending trend line that dates back to Aug. 20 and is now at 0.7250 levels.

The comeback from the medium-term low of 0.7250 is perceived as reversing the entire long-term negative trend from the high of 0.8000. On the north side, a breach of the 0.7300 resistance level would be the first sign that the rebound is ongoing. Otherwise, even if there is a bounce, the trend may continue to be bearish.
AUDUSD Short term Trend: Ranging
The intraday bias in the AUDUSD remains neutral at this time. More gain is supported as long as the support level of 0.7250 remains constant. On the upside, a break of the 0.7300 level might relaunch the rally from the 0.7170 level, with the 0.7550 level as the next short-term target.

Nonetheless, a decisive break of the 0.7250 level might confirm short-term topping and shift bias to the negative, allowing for a sharper drop. In the short-to-medium-term period, a bullish tilt may extend beyond the short-term moving averages of 5 and 13 as well as the 0.7300 borders.

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