DAILY NOTION - FXEMPIRE - AUD/USD Forecast - Nov 20, 2020

AUD/USD gets strong support in the 0.7275 – 0.7290 area.

AUD/USD continues its attempts to settle below the nearest support area at 0.7275 – 0.7290 while the U.S. dollar is mostly flat against a broad basket of currencies on the foreign exchange market.

The U.S. Dollar Index has recently made an attempt to get to the test of the nearest support level at 92.10 but failed to gain sufficient downside momentum and rebounded closer to 92.30. The nearest resistance level for the U.S. Dollar Index is located at 92.50. If the U.S. Dollar Index manages to get back above this resistance level, AUD/USD will find itself under additional pressure.

What's next?

AUD/USD is curently trying to settle below the support area at 0.7275 – 0.7290. It has already made several attempts to move below the support at 0.7275 but this support level remained strong.

In case AUD/USD manages to settle below this level, it will gain downside momentum and head towards the next support level at the 20 EMA at 0.7240. A successful test of this level will open the way to the test of the next support level at 0.7210.

On the upside, AUD/USD needs to get back above 0.7290 to have a chance to develop upside momentum and get to the test of the nearest resistance level at 0.7325.

If AUD/USD manages to get above the resistance at 0.7325, it will move towards the next resistance at the recent highs at 0.7340.

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