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Pre-RBA Analysis | AUDUSD’s Impressive Rally and The Road Ahead | Forex

Published: 06.11.2023
by Joseph Jeffriess

Thanks for checking out today’s update. Today, we analyse the AUDUSD as the price continues to test resistance after Friday’s fantastic rally after US employment data sunk the USD.

Today’s focus: AUDUSD

Pattern – Range /Distribution?
Support – .6287
Resistance – .6520

Technically, the price looks good. We have run over the price action we want to see to show a continuation in the AUDUSD. Two factors are the USD strength and the RBA rate decision. Rates are expected to rise tomorrow, but will this be it, or will the door be left open? The USD momentum change is another key. If this trend continues, we will look for the AUDUSD to continue its current trend. We want a new higher low (HL) to show a solid trend structure.

Good trading.

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