Forex Trading: AUDUSD Technical Analysis – November 26, 2019
The Australia dollar increases against the US Dollar on Tuesday, this brings the price to a total of more than 0.6700. The increase in price results after a major economic news release. The technical bias seems to remain bullish since a lower high is printed on the graph during the last downside move.
AUD/USD: Technical Analysis
As of this writing, the price for AUDUSD is being quoted around 0.6780. A bunch of resistance may be seen on the graph with the very first resistance coming across the way around 0.6827, the major horizontal resistance which may prevent the price from passing through this level. Another resistance may also make it difficult for the price to increase above 0.6898, its a trend line resistance ahead of 0.6923, the 61.8% Fib level as shown in the graph below
On the other hand, multiple support levels can also be seen such that the price may meet a trend line support level around 0.6746, ahead of 0.6700, the psychological number and then 0.6670, the low of October 02, 2019 as shown in the graph above.
AUD Commonwealth Bank of Australia and the Markit Economics
From the Fundamental perspective, The Manufacturing Purchasing Managers Index (PMI) released by both the Commonwealth Bank of Australia and the Markit Economics catches business conditions in the assembling segment that stayed 49.9 in this month that is somewhat low from the prior month. As the manufacturing sector commands a huge part of absolute GDP, the manufacturing PMI is a significant indicator of business conditions and the general monetary condition in Australia. An outcome over 50 sign is bullish for the AUD, while an outcome beneath 50 is viewed as bearish.
Since the technical bias is expected to remain bullish, therefore, trading AUDUSD around current levels for either short or long term may be a good decision.