Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7204)
Points to consider in this Forex market:
- The AUD/USD rally after positive jobs data reversed and sent the AUD to a three week low.
- 50% of the profit of the open short AUD sale is now booked after hitting the first target.
- Trade strategy: Remaining short AUD @ 0.7250.
The AUD/USD Forex market is facing new selling pressure as it has all but erased the gains seen with last week’s November’s employment numbers. This Forex market is now getting ready to challenge the upward sloping trend line from early September. Please refer to the below AUD/USD daily MT chart for today’s technical analysis.
Technical Analysis
Let’s discuss today’s daily AUD/USD technical analysis. There is near term support lining up at 0.7090. This is the trend line, mentioned above. A daily close below this this technical level will challenge the next technical support lining up at 0.6905. The alternative AUD/USD technical analysis, should the AUD recover and move higher, notes technical resistance lining up at 0.7282. A break above this technical level will challenge the technical resistance lining up at 0.7388. This is also a former support level.
Trade Strategy
Now let’s get into today’s AUD/USD trade strategy. The short AUD trade at 0.7250 was triggered after the strong Australian employment number lent corrective support to the Aussie Dollar. The trade has now passed through its initial target at 0.7185 and half the profit has been booked in this open AUD short sale. I will now trail the stop loss to break even and keep the trade open to capture more AUD weakness. For today, I will remain short AUD in the AUD/USD Forex market.
Would also like to point out that there will be a lot of volatility in this Forex market as the FOMC is meeting on Wednesday to decide on monetary policy. In all probability, the Fed will raise its benchmark rate by 25 basis points.
