AUDUSD Price Analysis – November 28
AUDUSD depreciated to a session low past the level at 0.6769 and is now challenging the daily lower horizontal zone on the level at 0.6759 which is providing an added line of defense against sellers on the level at 0.6759 – just sitting nearby.
Resistance Levels: 0.7085, 0.7001, 0.6929
Support Levels: 0.6759, 0.6710, 0.6670
AUDUSD Long term Trend: Bearish
Currently, the exchange rate is testing a support level formed by the daily support near the level at 0.6769 area. If the support level holds, a brief retracement towards the daily moving average 5 on the level at 0.6778 may follow.
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 fall from earlier highs is expected to continue to the level at 0.6670 (low) again.
AUDUSD Short term Trend: Bearish
The AUDUSD drop of the level at 0.6929 is still in progress. Intraday bias stays down to repeat the tests of the level at 0.6670 first. On the upside, a resistance above the level at 0.6803 minor resistance may neutralize intraday bias and provide recovery. But the rise should be limited well below the level at 0.6929 resistance.
Sellers may take advantage of the trend if price stays below the low threshold of the level at 0.6769, where other sell stops may be activated. The outlook stays bearish, displaying an intact downtrend in the short, and long term.
Entry price: 0.6769
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