Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7355)
- Support Levels: 0.7322, 0.7235, 0.7144
- Resistance Levels: 0.7380, 0.7420, 0.7467
- Trade Strategy: Stand Aside
The AUD/USD Forex market saw its largest daily gain in nearly two months yesterday. This comes after the Australian Dollar put in a bullish morning star candlestick pattern. This is noted on the below AUD/USD daily MT 4 chart, that we will us for today’s daily technical analysis.
Technical Analysis
Looking into today AUD/USD technical analysis, we note technical resistance lining up at 0.7380. A daily close above this near term technical level challenges the falling trend line resistance level lining up, for today, at 0.7419/20. The alternative AUD/USD technical analysis, should the AUD fall lower, thus pushing this Forex market down, notes technical support lining up at 0.7322. A break below this technical support challenges the next technical support and July 31 low, lining up at 0.7235.
Trade Strategy
Let’s now discuss today’s AUD/USD trade strategy. There is very little event risk on our economic calendar today that will effect this Forex market. Later today, the United States will release their employment change number, but that should have little effect on volatility. With that said, I will need to rely heavily on technical analysis and my charts for a trade decision today. Looking at the charts, the AUD/USD is trading very close to a technical resistance level. From a risk to reward perspective, a long AUD trade is not advisable. There are no clear cut bearish reversal signals as well. This means taking up a short AUD trade is a bit premature. Keeping all of this in mind, especially with my charts not indicating a clear price pattern to initiate a trade, I will opt to stand aside and monitor the charts for a better trade opportunity to come along. For today, I am flat in the AUD/USD Forex market.
