DAILY NOTION - FXEMPIRE - AUD/USD Forecast - Nov 6, 2020

AUD/USD gained strong upside momentum and is trying to settle above the nearest resistance level at 0.7275.

AUD/USD continues to gain ground as the U.S. dollar is moving lower against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance level at 92.80 and is currently testing the nearest support level at 92.50. If the U.S. Dollar Index settles below 92.50, it will gain downside momentum and head towards the next support level at 92.10 which will be bullish for AUD/USD.

Today, AUD/USD traders will focus on the upcoming U.S. Non Farm Payrolls and Unemployment Rate reports. Analysts expect that Non Farm Payrolls increased by 600,000 in October while Unemployment Rate declined from 7.9% to 7.7%.

What's Next?

AUD/USD is currently trying to settle above the nearest resistance level at 0.7275. If this attempt is successful, AUD/USD will move towards the next resistance level at 0.7310.

In case AUD/USD gets above 0.7310, it will get to the test of the resistance at 0.7325. A move above the resistance at 0.7325 will open the way to the test of the next resistance level at 0.7340.

On the support side, the previous resistance level at October highs at 0.7240 will likely serve as the first support level for AUD/USD. If AUD/USD manages to settle below this level, it will gain downside momentum and head towards the next support level at 0.7210.

Original analysis: https://www.fxempire.com/forec...