AUDUSD Daily Analysis – Monday, Nov. 13

Analyst and Forex Trader • Nov 13, 2017 at 7:19 AM EST

AUDUSD stays in a trading range between 0.7624 and 0.7729.

As long as 0.7729 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 0.7897, and a breakdown below 0.7624 support could trigger further downside movement into 0.7500 zone.

Near-term resistance is at 0.7700, followed by 0.7729, only breakout of these levels could signal completion of the downtrend, then next target would be at 0.7800 area.

AUDUSD 4-hour chart

Disclaimer:

Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you.