AUDUSD Stays Past Mid 0.7300 Level As COVID-19 Vaccine Optimism Halts Decline

AUDUSD Price Analysis – November 26

The AUDUSD pair is oscillating in a range, past the mid-0.7300 level, and consolidated its recent gains higher during the European session on Thursday. The recent optimism over the COVID-19 vaccine and clarity on the US political front undermines the US dollar’s strength and halts the pair’s decline.

Key Level
Resistance Levels: 0.7500, 0.7413, 0.7375
Support Levels: 0.7340, 0.7250, 0.7160
AUDUSD Long-term Trend: Ranging
AUDUSD is struggling for a clear direction above 0.7300, despite the latest pullback from a multi-day high at 0.7413. Nevertheless, the ability to hold above the 0.7350 area gives buyers the hope of breaking the round 0.7400 number. Technically, the path of least resistance appears to be an uptrend as the price on the daily chart indicated a breakout of the bullish pennant.

The upward momentum is also supported by the 14-day Relative Strength Index (RSI), which is trending well above 50.00 with the potential for further gains as it stays beneath overbought territory. Bulls now wait for a sustained breach beneath the 0.7400 psychological barriers to challenge the 0.7413-year highs. Further north, the 0.7450 barrier test may appear in the picture.
AUDUSD Short term Trend: Ranging
The AUDUSD trend stays unaltered and the intraday bias stays upward to retest the 0.7413 high. A decisive breach may restart the bounce from the 0.5506 level. The next goal is the 0.7500 level. If the support level of 0.7250 is broken down, the displacement may shift back to the downside to continue consolidation from the 0.7413 level with another phase of decline.

A near-term low of 0.7220 could stop the pullback, beneath which 0.7200 levels may be tested. At the low, the pair may see some strong follow-up buying before traders position themselves for any further short-term AUDUSD upside, possibly past the 0.7400 level.

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