DAILY NOTION - FXEMPIRE - AUD/USD Forecast - Nov 12, 2020

AUD/USD has managed to get below the support at 0.7275 and is trying to move towards the next support level at 0.7240.

AUD/USD is currently trying to settle below the support at 0.7275 as the U.S. dollar continues to move higher against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get above the 20 EMA at 93.15. If the U.S. Dollar Index gets above this level, it will gain upside momentum and head towards the 50 EMA at 93.40. This scenario is bearish for AUD/USD.

What's next?

AUD/USD managed to get below the support at 0.7275 and is moving towards the next support level at 0.7240. In case AUD/USD manages to settle below 0.7240, it will gain additional downside momentum and head towards the next support level at 0.7210.

RSI is in the moderate territory so there is plenty of room to gain downside momentum in case the right catalysts emerge. A successful test of the support at 0.7210 will open the way to the test of the next support level at the 20 EMA at 0.7195.

On the upside, AUD/USD needs to get back above 0.7275 to have a chance to develop upside momentum. The next resistance level, which has already been tested during the current trading session, has emerged near 0.7290. If AUD/USD moves above this resistance level, it will head towards the next resistance at 0.7310.

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