Technical Analysis
20.11.2020, 06:56

AUD/USD is testing support for MA 200 H1

Yesterday, the AUD/USD was trading lower and closed the day in the red around the $0.7285. Today it was trading in a narrow range of $0.7265-95, staying close to yesterday's closing price. On the hourly chart, AUD/USD is testing the strength of the support - the moving average line MA (200) H1 ($0.7280). On the four-hour chart, it remains above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while the AUD/USD remains above MA 200 H1, it may be necessary to look for buy entry points to form a correction.

  • Resistances levels are at: $0.7330-40, $0.7365, $0.7400

  • Support levels are at: $0.7255, $0.7205-20, $0.7145

Probably, the main scenario - is the continuation of the upward movement to $0.7330 (Nov 18 high). Alternative scenario - may be consolidation below MA 200 H1, followed by a decline to $0.7220 (Nov 13 low).

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