DAILY NOTION - FXEMPIRE - AUD/USD Forecast - Nov 19, 2020

AUD/USD is trying to settle below the nearest support level at 0.7290.

AUD/USD is currently trying to get back below the support at 0.7290 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index continues its attempts to settle above the nearest resistance level at 92.50. A move above this level will open the way to the test of the next resistance at 92.80 which will be bearish for AUD/USD.

What's next?

AUD/USD did not manage to settle above the resistance at 0.7325 and is trying to settle below the nearest support level at 0.7290.

If AUD/USD manages to settle below 0.7290, it will get to the test of the next support level at 0.7275. In case AUD/USD gets below the support at 0.7275, it will decline towards the next support level at the 20 EMA at 0.7240.

A move below the 20 EMA will signal that the current upside momentum has come to an end.

On the upside, AUD/USD needs to stay above the support at 0.7290 to have a chance to get to the test of the nearest resistance level at 0.7325.

If AUD/USD manages to get above 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 resistance at 0.7360.

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