Market Outlook and Analysis (Nov2019 Week5)
Currency Pair: AUDUSD
AUDUSD D1 Chart – Respecting the Resistance TL
On the Daily Chart, the pair has respected the Resistance Trend Line, indicating that the downtrend (since Nov 2018 on this chart) is still intact. Breaking below last week’s low of 0.6768 would probably see AUDUSD testing the year’s low again.
Now there are varying conflicting reports emerging on the success of the US-Sino trade negotiations, increasing the risk of a disappointing outcome on the negotiation. Recent week’s economic data from Australia too were missing the expectations, particularly the employment data.
The market is expecting the Aussie Rates to be maintained this time around. Giving the RBA some time to evaluate and probably cut rates early next year.
AUDUSD H4 Chart – Previous Week’s Critical Lows (0.6768)
On the H4 Chart, last week’s lows become a very critical level. Breaking below that will confirm the continuation of the down trend on the H4. There is a Buy Zone at 0.6725/40 level, and we could easily test the lows again at 0.6670.
Will be watching this pair to take a short trade to continue the bearish bias outlook.
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