AUDUSD Daily Analysis (Nov 1)

AUDUSD Daily Analysis (Nov 1)

AUDUSD chart

AUDUSD maintains the bullish trend that started late September. However, we have reached a key juncture and confluence of multiple technical levels. The 200-days SMA and a main horizontal resistance areas shaded on chart. In addition to the 50 percent retracement for the overall long term bearish trend A-B, and the 1.27 extension for the most recent bearish wave 1-2.

RSI Momentum indicator is also showing bearish divergences. Suggesting it’s a good idea for bulls to move to the sidelines, and maybe to consider short term confirmation signs to reverse bias to the downside. At least for a correction towards 0.7450.

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