Bigger picture negative outlook for the Australian Dollar

Global stock market averages have remained vulnerable through October and this past week.

These losses have seen a mixed tone in Forex markets, which usually sees weaker equities go hand in hand with a strong US Dollar and weaker Australian Dollar.

Despite AUDUSD rebounding over the past week with share indices still vulnerable, the bigger picture outlook for the Australian Dollar into late October and November is still more negative

The COVID-19 pandemic in 2020 has certainly increased market volatility, creating opportunities for both big wins and losses when trading the markets. Please visit the best Forex broker reviews by au.FXExplained.co.uk to get more guidance in your Forex trading.

AUDUSD day trade outlook: Immediate risks to the upside

A Friday spike higher above .7137/48 resistances, then a setback from .7158, but whilst above .7067 support we see upside forces from last week's surge higher to reverse above the down trend line from mid-October, to keep the threat to the upside for Monday.

Day trade setup

We see an upside bias for .7158; a break here aims for .7191/7203 and maybe towards key .7244.

But below .7067 opens risk down to .7017 and possibly key .7002.

AUDUSD intermediate-term range outlook, but with bear threat

The mid-October push above the key .7209/10 resistance area signalled an intermediate-term shift to a wider range, .7244 to .7002/00.

Upside risks: Above .7244 see an intermediate-term bull trend to aim for .7345, .7413, .7500 and .7677.

Downside risks: Below .7002/00 see an intermediate-term bear trend to aim for .7012/00, .6829 and .6773.

Want to trade on the go? Then see the reviews for the best trading app in Australia here.

8 Hour AUDUSD Chart