AUDUSD Price Analysis – November 14
Early in the European session, the Australian dollar plunged versus the dollar, deeper past the horizontal line on the level at 0.6810 critical area and has recorded a fresh low in one month. The recent release of the employment figures showed that it had slipped lower and it is the largest in the past three years.
Resistance Levels: 0.7205, 0.7085, 0.6929
Support Levels: 0.6776, 0.6710, 0.6670
AUDUSD Long term Trend: Bearish
In a volatile session, AUDUSD price traded on the downside below the previous day’s low as well as below the horizontal line on the support level at 0.6776. In the longer term, the scenario for medium-term bullish reversal has almost played out.
Meanwhile, for as long as the level at 0.7085 resistance is intact, a larger downtrend from the level at 0.7205 (high) is still in progress towards the level at 0.6710 (low). Although the FX pair displays for the time being (as per its medium-term ranging) with the long-term pattern as yet being bearish.
AUDUSD Short term Trend: Bearish
The breakout of the 0.6810 level by the AUDUSD gives the tilt that the corrective recovery after the level at 0.6670 has already completed at the 0.6929 level. Its intra-day bias has eased out and now towards the level at 0.6670.
Even though a break may allow a deeper downward trend. However, in its upward zone, above the 0.6847 level, short-term resistance could change its neutral intraday bias and provoke recovery. However, the risk may remain down as long as the resistance level at 0.6929 is intact.
Entry price: 0.6810
Note: Learn2Trade.com 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 results
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.