• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

AUD/USD Forecast: Australian Dollar Rally Overextended?

Forex Tips by Forex Tips
November 7, 2020
in Technical Analysis
0
AUD/JPY, AUD/USD Breakout Ahead of September RBA Meeting
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Australian Dollar Technical Forecast – Neutral

The Australian Dollar closed out the first week of November with an impressive showing, as a risk-on mood swept through markets. AUD/USD price action rallied 3.25%, engulfing the entire October range. Friday saw a small retracement to close out the week, but intraday price action found support near October’s closing high at 0.7239.

AUD/USD – Daily Price Chart

AUD/USD Chart

Chart created with TradingView

Bulls will look to defend that level of support again. To the upside, momentum may have already been exhausted. And given the velocity in the move higher, bullish bets on the trade could quickly unwind if a break to the downside forms. The 100-day moving average (0.7130), which also coincides closely with prior resistance seen through late October could offer the next level of support.

Consequently, AUD/USD could likely remain rangebound for the time being, or perhaps shift back into October’s trading range. The latter wouldn’t necessarily signal a bearish shift in the longer term price trend from the March low. It would likely reduce any interests from prospective bulls until a solid base of consolidation forms.

Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, follow @FxWestwater





Source link

Share76Tweet47

Related Posts

Technicals Point to Higher Prices

Gold Trading Soft, Silver Price Trying to Hold Important Support

by Forex Tips
March 4, 2021
0

Gold & Silver Price OutlookGold trading near the bottom of a would-be long-term bull-flagSilver price trading on March trend-line,...

Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts for the Week

Monthly Forex Seasonality – March 2021: ‘Dollars’ Mixed but Gold, Stocks Favor Weakness

by Forex Tips
March 3, 2021
0

March FX Seasonality Overview:In recent years, March has produced EUR/USD gains, losses by USD/JPY, gold, and stocks. It’s a...

Brexit Latest: British Pound Rallies as EU-UK Agreement Nears

British Pound Forecast: Digesting Gains Around Spring Budget

by Forex Tips
March 3, 2021
0

British Pound Outlook:After a strong run higher, the British Pound may be due for a period of pullback, if...

Canadian Dollar Forecast: Loonie’s Wings Clipped?

by Forex Tips
March 3, 2021
0

Canadian Dollar Outlook:Canadian Dollar Flies Through TurbulenceThe Canadian Dollar was hobbled last week, nearly falling through key technical levels...

Turn Lower Ahead as Momentum Fades?

Retail Trader Signals Hint to Proceed With Caution

by Forex Tips
March 3, 2021
0

Dow Jones, S&P 500, Technical Analysis, Retail Trader Positioning - Talking PointsIG Client Sentiment still warning that the Dow...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.