AUD/USD to go back to the drawing board?

<p>The pair looked poised for a break higher this week, running up above the 0.6500 level as well as the 100-day moving average (red line) in trading yesterday. But despite bullish attempts by buyers to seal such a breakthrough, they are being dealt a massive technical blow today as we see price fall back below both key levels mentioned.</p><p>Not only that, the drop comes even after we saw better-than-expected employment numbers in Australia <a href="https://www.forexlive.com/news/australian-october-employment-55k-smashing-the-20k-estimate-20231116/" target="_blank" rel="follow">here</a> earlier; albeit with some slight caveats.</p><p>In any case, the price action is the tell and the technicals suggest that the dollar is not down for the count just yet this week. Stronger risk appetite is still a tailwind for the aussie but if even everything else put together this week and the pair still can't crack above 0.6500, any reversal from here is likely to be a strong one as well I reckon.</p><p>It looks like we're heading back to the drawing board for AUD/USD.</p>

This article was written by Justin Low at www.forexlive.com.