AUD/USD Forecast: Australian Greenback Rally Overextended?
Australian Greenback Technical Forecast – Impartial
The Australian Greenback closed out the primary week of November with a powerful displaying, as a risk-on temper swept via markets. AUD/USD value motion rallied 3.25%, engulfing the whole October vary. Friday noticed a small retracement to shut out the week, however intraday value motion discovered help close to October’s closing excessive at 0.7239.
AUD/USD – Every day Value Chart
Chart created with TradingView
Bulls will look to defend that degree of help once more. To the upside, momentum could have already been exhausted. And given the speed within the transfer greater, bullish bets on the commerce might rapidly unwind if a break to the draw back varieties. The 100-day shifting common (0.7130), which additionally coincides intently with prior resistance seen via late October might provide the subsequent degree of help.
Consequently, AUD/USD might possible stay rangebound in the meanwhile, or maybe shift again into October’s buying and selling vary. The latter…