AUDUSD Plunges Lower to 0.7254 Level As Dollar Rebounds Amid Fresh COVID-19 Infections Surge

AUDUSD Price Analysis – November 19

The AUDUSD pair plunges to 4th day in a row low on Thursday after buyers repeatedly failed to breach beyond the 0.7339 barriers, as the dollar rebound amid fresh COVID-19 infections and fading optimism about the vaccine. An additional decline beneath the 0.7200 marks may pave the way for further weakness.

Key Levels
Resistance Levels: 0.7620, 0.7413, 0.7250
Support Levels: 0.7209, .7136, 0.7005
AUDUSD Long term Trend: Ranging
AUDUSD visits minor support level at 0.7250 level at the beginning of the European session. A break lower is a sell signal targeting 0.7209/00 & 0.7136 levels, perhaps as far as strong support at 0.7100 level for profit-taking on shorts. All things being equal, the AUDUSD exchange rate could continue to edge lower during the following trading session.

The potential target for bears would be near the 0.7209 level. In the larger context, while the rebound from the 0.5506 level was strong, there is not enough evidence to confirm bullish trend reversal yet. That is, it could be just a correction inside the long term downtrend. On the upside, a breach of 0.7413 level will extend the rise from 0.5506 level higher.
AUDUSD Short term Trend: Ranging
AUDUSD stays bounded in a range from 0.7339 level and intraday bias stays neutral. A sustained increase is in consideration with a 0.7250 support level intact. Range trend from 0.7413 level may have finished with three waves to 0.7005 level.

On the upside, a break of 0.7339 level may approach a target and test on 0.7413 high level initially. The firm breach there may restart a larger rebound from the 0.5506 level. Nevertheless, on the downside, a breach of 0.7250 minor support level may probably extend the ranging trend from 0.7413 level with another plunging phase.

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