Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7386)
- Support Levels: 0.7220, 0.7085, 0.6975
- Resistance Levels: 0.7437, 0.7578, 0.7690
- Trade Strategy: Stand aside
The AUD/USD Forex market bounced back into a consolidation pattern that it has been stuck in for three weeks. This happened after price hit a six year low in this Forex market. Please refer to the below AUD/USD daily MT 4 chart for today’s technical analysis.
Technical Analysis
Let’s look at today’s AUD/USD Forex technical analysis. There is technical resistance lining up at 0.7437. A daily close above this technical level challenges the next technical resistance lining up at 0.7578. The alternative AUD/USD technical analysis, should the Australian Dollar move lower, thus pushing the AUD/USD Forex market lower, notes technical support lining up at 0.7220. A break below this technical level challenges the next technical support lining up at 0.7085.
Trade Strategy
Let’s discuss today’s AUD/USD trade strategy. There is not a lot of event risk to discuss today. On the AUD/USD economic calendar, the United States will release retail sales a later in the trading day. This can cause some Dollar volatility, but not enough to adversely affect my trade daily trade strategy. I will rely more on my technical analysis and chart today.
Let’s get started. Price action, for the AUD/USD market, is trading very close to a technical resistance level. Placing a long AUD trade, from a risk to reward perspective, is premature. There are no clearly defined bearish reversal signals to warrant a short AUD trade (long USD trade) at this time. Taking this into account, I will opt to stand aside and monitor my charts for a more actionable trade opportunity to present itself. For today, I am flat in the AUD/USD Forex market.
