AUD/USD Daily Forecast – Another Test Of Resistance At 0.7130
AUD/USD Video 27.10.20.
Australian Dollar Tries To Move Higher Against U.S. Dollar
AUD/USD continues its attempts to settle above the nearest resistance at 0.7130 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to get to the test of the support at 92.80 but rebounded closer to the 93 level. If the U.S. Dollar Index manages to settle above 93, it will gain upside momentum and head towards the 20 EMA at 93.25 which will be bearish for AUD/USD.
A move below the support at 92.80 will open the way to the test of the next support at 92.50. In this case, AUD/USD will get additional support.
Today, AUD/USD traders will focus on the upcoming U.S. Durable Goods Orders report which is expected to show that Durable Goods Orders increased by 0.5% month-over-month in September.
Tomorrow, Australia will provide inflation data for the third quarter. Analysts expect that Inflation Rate was 1.5% quarter-over-quarter. On a year-over-year basis, Inflation Rate is projected to increase by 0.7%.
AUD/USD did not manage to settle below the nearest support level at 0.7100 and is trying to get above the resistance at the 20 EMA 0.7130. If this attempt is successful, AUD/USD will get to the test of the next resistance at the 50 EMA at 0.7150.
A move above the 50 EMA will open the way to the test of the resistance at 0.7180. If AUD/USD manages to settle above 0.7180, it will head towards the next resistance level at 0.7210.
On the support side, the nearest support level for AUD/USD is still located at 0.7100. This support level has been tested several times during recent trading sessions and proved its strength.
In case AUD/USD declines below this support level, it will gain additional downside momentum and head towards the next support at 0.7075.
If AUD/USD declines below the support at 0.7075, it will continue its downside move and head towards the test of the next support level which is located near October lows at 0.7030.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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