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AUD/USD: Weekly Technical Analysis | 2nd - 6th November, 2020




AUD/USD: Weekly Technical Analysis | 2nd – 6th November, 2020

  • Update Time : Sunday, November 1, 2020
  • 64 Time View
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AUD/USD: Technical Analysis | November 27, 2020
AUD/USD: Technical Analysis | November 27, 2020

Weekly Time Frame:

The opening time level of 2020’s 0.7016 and the opening level of 2017’s 0.7042 are still working as support in the weekly time frame, but this support level may break at any time as a result of last week’s 100 pips depreciation. Resistance 0.7379 will act as an upward target in this week. It should be kept in mind that the market is still upward.

If the price fails to hold at 0.7016/0.7042, the price may move to support level 0.6677, followed by 38.2% Fibonacci retracement ratio of 0.6701.

Daily Time Frame:

Weekly support as well as daily time frame support 0.7017 was also seen towards the end of the week. The price fell from 0.7157 and targeted 0.7017 due to the weak position of buyers during the closing on Friday.

If the price declines from 0.7017 this week, the price may target 200-day SMA (orange – 0.6799) and the support level 0.6751.

Four Hour Time Frame:

The US dollar, known as a safe haven, rose on Friday due to a downward risk setting, leaving the AUD/USD pair below Quasimodo resistance 0.7068. According to the chart, the price may fall to 0.6988-0.7019 due to downward pressure from 0.7068, where there are 0.70 and Quasimodo support 0.6971.

Important Things To Consider:

  • Many traders will keep an eye on the four hour support area 0.6988-0.7019 from where buyers can enter the market.
  • Also four hour may price create bearish condition from Quasimodo support 0.6971.

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