AUDUSD Reverse Dips to 0.7400 Regions Amid Softer Safe-Haven USD

Azeez Mustapha
3 December 2020 | Updated: 3 December 2020

AUDUSD Price Analysis – December 3

The AUDUSD pair managed to reverse an early session dip to the 0.7400 level, albeit lacked any follow-through and stays around the recent swing highs. The downtick lacked any obvious fundamental catalyst and was quickly bought into amid a softer safe-haven USD sentiment.

Key Levels
Resistance Levels: 0.7620, 0.7500, 0.7436
Support Levels: 0.7340, 0.7250, 0.7160
AUDUSD Long-term Trend: Bullish
AUDUSD continues to rise within the bullish trend channel. Uptrend support links recent November higher lows, and uptrend resistance links October higher highs. As such, the pair’s technical bias remains upward, meaning that a sustained breakout of the previous 0.7413 high is inevitable.

However, if this level goes up, it will open the door for an almost immediate test of the 0.7600 rally zone, leading to a new year high. More broadly, a sustained trading above the 5 daily moving average (currently at 0.7390) remains a sign of medium-term bullish sentiment.
AUDUSD Short-term Trend: Bullish
On the 4-hour timeframe, AUDUSD reversed its upward movement to 0.7398 after a rejection at 0.7436. The pair was last traded in the 0.7418 area, practically unchanged over the day. A test of the 13 moving average at 0.7375 is expected, followed by a return to 0.7436.

Breaking the AUDUSD level of 0.7413 suggests renewed growth from the level of 0.5506. The intraday trend is growing again. And the next target is the long-term level of 0.7620. On the other hand, a dip below the minor support level of 0.7340 could change the neutral intraday bias and trigger sideways trading.

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 result

 
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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.