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16.11.202009:24 Forex Analysis & Reviews: AUD/USD: Hot Forecast for November 16

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AUD/USD upside attempts remain capped below 0.7300 following the release of mixed Chinese ecomomic data. The aussie cheers the risk-on mood amid vaccine progress and the RCEP trade agreement. RBA Lowe's speech awaited.

AUD/USD failed to climb above 0.7300 as multiple rejections are seen on the daily chart. The Australian dollar lost momentum, coming close to the target support of 0.7230

Although the bulls failed to take on the 0.7300 level, a break below the key obstacle of 0.7230 could open doors for bears to test 0.7140. On the daily chart, the next relevant support is seen at 0.7140, a key level which coincides with retracement zone of the November bullish move.

Technically, the major appears vulnerable and a retest of the critical horizontal barrier at 0.7340 figure mark.

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