Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7330)
- Support Levels: 0.7322, 0.7233, 0.7145
- Resistance Levels: 0.7380, 0.7408, 0.7467
- Trade Strategy: Stand Aside
The AUD/USD Forex market is taking a pause to digest its recent gains. If you refer to the below AUD/USD daily MT 4 chart, you will note a bullish morning star candlestick then subsequent move higher as the Aussie Dollar gained momentum.
Technical Analysis
Looking at today’s AUD/USD technical analysis there is near term resistance lining up at 0.7380. A daily close above this technical level challenges the next technical resistance lining up at 0.7408. The alternative AUD/USD technical analysis, should the Australian Dollar push lower, thus pushing this Forex market towards support levels, notes technical support at 0.7322. A break below this level challenges the technical support lining up at 0.7233/34.
Trade Strategy
There is no event risk in this Forex market tomorrow. Tomorrow the United Sates will release its all-important jobs report, the non-farm payrolls (NFP). If you recall, the Fed is watching data before making a decision whether or not to raise rates and normalize monetary policy in September. With no event risk today, I will rely on my technical analysis and charts to make a trade decision in the AUD/USD Forex market.
Price action is too narrow to narrow to warrant any type of trade right now. From a risk to reward perspective, there is no long of short AUD trade right now. Keeping everything in mind, especially the lack of direction price action cues, I will opt to stand aside and monitor my charts for a more opportune trade opportunity to come along. Today, I am flat in the AUD/USD Forex market.
