DAILY NOTION - FXEMPIRE - AUD/USD Forecast - Nov 23, 2020

AUD/USD is trying to settle above the nearest resistance level at 0.7325.

AUD/USD has managed to get above 0.7300 and made an attempt to settle above the resistance at 0.7325 while the U.S. dollar continued to lose ground against a broad basket of currencies.

The U.S. Dollar Index remains under pressure although it looks like it gets strong support near 92.10. If the U.S. Dollar Index manages to settle below this level, it will likely gain significant downside momentum which will be bullish for AUD/USD.

What's next?

AUD/USD gained some upside momentum and is trying to settle above the nearest resistance level at 0.7325. This resistance level has already been tested several times in recent trading sessions, but AUD/USD failed to get above 0.7325.

In case AUD/USD manages to settle above the resistance at 0.7325, it will get to the test of the next resistance level at November highs at 0.7340. A successful test of this level will push AUD/USD towards the next resistance at 0.7360.

On the support side, the nearest support level for AUD/USD is located at 0.7290. In case AUD/USD declines below 0.7290, it will get to the test of the next support level at 0.7275. A move below the support at 0.7275 will open the way to the next support level at the 20 EMA at 0.7255.

I’d note that AUD/USD has recently received strong support in the 0.7255 – 0.7290 area, so a move below the 20 EMA at 0.7255 will signal that AUD/USD is ready to gain material downside momentum.

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