Sunday, November 29, 2020 9:00 AM EST
AUD/USD Technical Analysis
Technical lines from top to bottom:
We start with resistance at the round number of 0.7700.
0.7595 is next.
0.7421 is an important monthly resistance line.
0.7332 is next.
0.7242 (mentioned last week) remains a weak support level.
0.7105 is next.
0.7008 is protecting the symbolic 0.7000 level. It is the final support level for now.
I am bullish on AUD/USD
The US dollar remains on the defensive, and the pro-cyclical commodity currencies have taken full advantage. The Aussie could continue its rally this week, unless the RBA sounds dovish and rains on the party.
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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.
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