AUDUSD has fully reversed October’s rise, with the price extending its decline marginally below the 0.7200 level and near the swing low of 0.7169 on Wednesday.


The area overlaps with the broken descending trendline, which could switch roles from resistance to support in order to boost the pair up to the ascending trendline and the red Tenkan-Sen, both currently around 0.7272. A steeper rebound could meet the 20- and 50-day simple moving averages (SMAs) near the 23.6% Fibonacci retracement of the 0.8006 – 0.7105 downleg at 0.7317, while another step higher from here, could see an acceleration towards the 38.2% Fibonacci of 0.7450.

The RSI and the Stochastics are backing the above positive scenario since the indicators look set to depart from oversold levels. Yet, the negative momentum in the MACD suggests the bears could remain in charge for a bit longer.

If the pair retreats below 0.7169, the way would clear towards the August low of 0.7105. A break below that floor could stretch the 2021 downtrend to 0.6990 taken from the November 2020 low.

Summarizing, AUDUSD is looking cautiously bearish in the short-term picture. Failure to hold above 0.7169 could bring the broader downtrend back under the spotlight.


Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD slides sub-1.1300 as the dollar accelerates advance

EUR/USD finally broke below 1.1300, helped by encouraging US employment-related figures ahead of the November jobs report. ECB officials still holding back on tapering.


GBP/USD clings to modest recovery gains above 1.3300

GBP/USD is edging higher toward 1.3330 in the second half of the day on Thursday as the greenback stays under modest selling pressure. The US Department of Labor reported that there were 222,000 initial claims for unemployment benefits last week.


Gold: Pressure persists November low at risk of giving up

Gold fell to a 1-month low of $1,763.33 a troy ounce, bouncing just modestly from it and currently trading around 1,767.00. The bright metal weakened the most during US trading hours, as the American dollar met some market’s favour. 

Gold News

ETH outperforming its peers, BTC struggles and XRP bearish

BTC refrains from making new highs as Tuesday’s gap-fill kills uptrend continuation. ETH outpaces its peers by barely hitting new highs. XRP price again looking for direction as investors interest wanes.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!