Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.77195)
- Support Levels: 0.7715, 0.7631, 0.7565
- Resistance Levels: 0.7765, 0.7817, 0.7879
- Trade Strategy: Stand Aside
The AUD/USD Forex pair looks to be moving lower once again as the Aussie Dollar wants to resume its downtrend. Please refer to the below daily MT 4 chart and note the bearish Three Inside Down candlestick.
Technical Analysis
Today’s technical analysis sees near term support lining up at the technical support of 0.7715. A daily close below this support line challenges the technical support at 0.7631. The alternative technical analysis sees the AUD/USD pushing higher. In that even there is technical resistance at 0.7765. A break above this resistance level sees a cluster zone running from 0.7812 to 0.7817.
Trade Strategy
All eyes in the Forex market is on Greece and the emergency Eurogroup meeting scheduled for 1100 GMT time. This event risk, alone with no technical analysis, screams for me to stand aside for now as there will be a lot of volatility one way or the other. Looking at the technical analysis, price action is too close to a critical near-term support level to warrant a short AUD trade right now. Timing is not right from a risk to reward perspective for a short trade. There are no bullish reversal signals as well. Therefor there is no opportunity for a long AUD trade at this time. That would be premature. For now, I opt to stand aside and monitor my charts for a better trade opportunity to present itself. Today is a high risk for price volatility. The Greek drama is unfolding and coming to a head.
