AUDUSD Daily Analysis – Tuesday, Nov. 6

AUDUSD formed a sideways consolidation in a trading range between 0.7180 and 0.7258.

As long as 0.7180 support holds, the upside movement from 0.7020 could be expected to resume and further rise to 0.7300 area is still possible after the consolidation.

On the downside, a breakdown below 0.7180 support would suggest that the upside movement had completed at 0.7258 already, then the pair would find support at the rising trend line on the 4-hour chart.