Based on the early price action, the direction of the AUD/USD is likely to be determined by trader reaction to the minor pivot at 0.7296.
The Australian Dollar is edging higher on Wednesday, underpinned by the boost in risk sentiment from the victory of Joe Biden in the U.S. presidential elections and on hopes for a coronavirus vaccine.
At 07:37 a.m. (GMT), the AUD/USD is trading 0.7306, up 0.0020 or +0.28%.
What's next?
Based on the early price action, the direction of the AUD/USD is likely to be determined by trader reaction to the minor pivot at 0.7296.
For bullish scenario, a sustained move over 0.7296 will indicate the presence of buyers. If this creates enough upside momentum then look for the move to extend into the minor top at 0.7240, followed by the main top at 0.7345. This is a potential trigger point for an acceleration to the upside with 0.7414 the next likely target.
For bearish scenario, sustained move over 0.7296 will signal the presence of sellers. The first downside target is the support cluster at 0.7253 – 0.7252. Buyers could come in on this move. If 0.7252 fails as support then look for the selling to possibly extend into the 50% level at 0.7202.
Original analysis: https://www.fxempire.com/forec...
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