Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7312)
- 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 is trading quietly below the 0.75 handle. If you look at our AUD/USD daily Forex chart below, you will note this comes after the Australian Dollar gapped higher after hitting a six year low against its US Dollar trading partner.
Technical Analysis
Let’s look at today’s daily AUD/USD technical analysis. There is technical resistance lining up at 0.7437. A daily close above this level challenges the next technical resistance ling up at 0.7578. The alternative AUD/USD analysis, should the Aussie Dollar move lower, thus bringing this Forex market down, notes technical support lining up at 0.7220. A daily close below this level challenges the next technical support lining up at 0.7085.
Trade Strategy
Let’s now look at today’s AUD/USD trade strategy. First off, there is no event risk on today’s economic calendar that would have a big impact on price volatility. This could cause some price drifting.
This means I will have to rely on my charts and technical analysis to make a trade decision. Price action in this particular Forex market is very inconclusive. There is no directional signal that warrants either a long AUD or short AUD trade. With this in mind, I will opt to stand aside and monitor my AUD/USD charts for a more actionable trade setup to come along. For today, I am flat in this Forex market.
One more thing, the overall Australian Dollar trend is bearish. The RBA wants a weak AUD and is deliberately enacting monetary policy to keep their currency low in order to stimulate trade. I would be more inclined to wait for a short AUD trade at this point.
