DAILY NOTION - FXEMPIRE - AUD/USD Forecast - Nov 16, 2020

AUD/USD managed to settle above the resistance level at 0.7275 and is trying to settle above the next resistance at 0.7290.

AUD/USD is currently trying to settle above the nearest resistance level at 0.7290 as the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has managed to get below the nearest support at 92.60 and is trying to develop additional downside momentum. In case the U.S. Dollar Index settles below 92.50, it will move towards the next support level at 92.10 which will be bullish for AUD/USD.

What's next?

AUD/USD gained upside momentum and is trying to settle above the resistance at 0.7290. If this attempt is successful, AUD/USD will head towards the next material resistance level at 0.7325 although it may face some resistance at 0.7310 along the way.

If AUD/USD manages to settle above the resistance at 0.7325, it will move towards the next resistance level at the recent highs at 0.7340. A move above this level will open the way to the test of the resistance at 0.7360.

On the support side, the nearest support level for AUD/USD is located at 0.7275. In case AUD/USD declines below this level, it will move towards the next support at 0.7240.

If AUD/USD manages to settle below the support at 0.7240, it will gain downside momentum and get to the test of the next support at the 20 EMA at 0.7215.

Original analysis: https://www.fxempire.com/forec...