Forex Marketz Daily Forex News – Fully Markets Update
Some talking points to consider in this Forex market:
- The Australian Dollar’s recovery failed at the trend line after gapping higher on stronger than expected job’s data.
- Short trade remains in play. Aiming for blow 0.69.
- Trade strategy: Short AUD at 0.7057
The AUD/USD Forex market is starting to inch lower after its recovery was stalled at the falling trend line from mid-October. This Forex market gapped higher after a stronger than expected jobs number hit the wires. This put a dent in expectations for a rate cut from the Reserve Bank of Australia (RBA). The bearish bias remains in play.
Technical Analysis
Let’s discuss today’s AUD/USD daily technical analysis. There is technical resistance at the falling trend line. This number is at 0.7135 for today. A daily close above this level challenges the horizontal pivot lining up at 0.72. The alternative AUD/USD technical analysis, should the Australian Dollar move lower, notes technical support lining up at the November 10 low at 0.7015. A break below this support level challenges the cluster area running from the September 4 bottom at 0.6901 to 0.6908.
Trade Strategy
Let’s discuss today’s AUD/USD trade strategy now. I am short AUD at 0.7057. My target is now at the September 4 low which lies near 0.6908. I have placed my sop loss to activate above the horizontal pivot at 0.72. My goal is to book fifty percent of this short AUD sale then trail the stop loss to break even after hitting my first target.
