AUDUSD Price Analysis – November 21
Over the past 24 hours, the Australian dollar has depreciated by approximately 44 basis points versus the US dollar. The currency pair crossed the lower horizontal zone on the level at 0.6810 during yesterday’s trading session.
Resistance Levels: 0.7205, 0.7085, 0.6929
Support Levels: 0.6769, 0.6710, 0.6670
AUDUSD Long term Trend: Bearish
Overall, with an intact resistance of the level at 0.7085, the reversal of the trend is not yet clearly confirmed. That is, the downward trend since the level at 0.7205 (High) is expected to continue to the level at 0.6670 (low).
However, a breakout of the level at 0.7085 may confirm the trough in the medium term and bring the rebound back to the horizontal resistance zone now on the level at 0.7205. The FX pairs’ outlook stays bearish, displaying an intact downtrend in the medium and long-term.
AUDUSD Short term Trend: Ranging
Intraday bias in AUDUSD stays neutral as consolidation from the level at 0.6769 temporarily low is extending. The outlook has not changed and the rebound of the level at 0.6670 should have been completed on the level at 0.6929.
The positive side of the recovery may be contained by the level at 0.6841 less resistance to bring another decline. On the negative side, the level at 0.6769 breaks may resume the fall to retest the level at 0.6670 low. However, the break of the level at 0.6841 may alter the bias to advance again for the resistance of the level at 0.6929.
Entry price: 0.6810
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.