DAILY NOTION - FXSTREET - AUD/USD Forecast - Nov 5, 2020
The AUD/USD pair trades around 0.7180, up for the day as the positive tone of Wall Street provided support to the pair in the final trading session of Wednesday. The pair peaked at the beginning of the day at 0.7221, its highest in three weeks. The released official data from Australia was put under the radar given the on-going attention on the U.S. election.
What's Next?
The AUD/USD pair is up for a third consecutive day and poised to extend its gains according to intraday technical readings. The 4-hour chart shows that the pair is above all of its moving averages, with the 20 SMA heading firmly higher, although below the larger ones.
Technical indicators are retreating just modestly from overbought readings, reflecting the absence of volumes at this time of the day rather than suggesting an upcoming decline.
Support levels:0.7125 0.6990 0.6950
Resistance levels: 0.7220 0.7265 0.7300
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.