AUDUSD Daily Analysis – Wednesday, Nov. 7

AUDUSD failed to break above 0.7258 resistance and stayed in a trading range between 0.7180 and 0.7258.

Support is at 0.7180, as long as this level holds, the price action in the range could be treated as consolidation for the uptrend from 0.7020 and further rise to 0.7300 area is still possible after the consolidation.

On the downside, a breakdown below 0.7180 support would indicate that the upside movement is complete, then deeper decline towards the bullish trend line on the 4-hour chart could be seen.

AUDUSD 4-hour chart

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