AUDUSD Technical Outlook


Thursday’s trading session shows that the AUD went defenseless against the US dollar. A little more on this is discussed in the 24 November AUDUSD Technical Outlook.

24 November, GKFX – The AUD/USD pair extended overnight retracement from 7-day tops and is currently placed at session lows, around the 0.7610 region.  The pair stalled its recent recovery move from fresh five-month lows, touched on Tuesday, and was being weighed down by a modes US Dollar recovery.

Key Quotes

•  A modest USD recovery prompts fresh selling.

•  Surging US bond yields add to the downward pressure.

•  US PMI prints could provide some trading impetus.

A goodish pickup in the US Treasury bond yields helped ease dovish FOMC minutes-led greenback selling pressure and attracted some fresh selling around higher-yielding currencies – like the Aussie.

Even the prevalent positive trading sentiment around commodity space, which tends to benefit the commodity-linked Australian Dollar, did little to lend any support, with the USD price dynamics acting as an exclusive driver of the pair’s corrective slide on the last trading day of the week.

Later during the NA session, the US flash manufacturing and services PMI figures would now be looked upon for some impetus in what could be another lacklustre trading session on Friday.

24 November AUDUSD Technical Outlook

Weakness back below the 0.7600 handle could get extended towards 0.7585 horizontal support, which if broken would turn the pair vulnerable to head back towards retesting 0.7550-45 support zone.

On the upside, 0.7630 level now seems to act as an immediate hurdle, which if cleared might trigger a short-covering bounce back towards the very important 200-day SMA barrier near the 0.7695 region.

Disclaimer

This article ” 24 November AUDUSD Technical Outlook ” was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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