Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7816)
- Resistance Levels: 0.7877, 0.8075, 0.8234
- Support Levels: 0.7730, 0.7560, 0.7420
- Trade Strategy: Stand Aside
The Ozzie Dollar has moved lower versus it US Dollar counterpart. Looking at the below daily MT 4 chart, a Doji Candlestick formed then the AUD/USD turned lower as the resistance below the key pivot near 0.79 held. Please note the Doji has not been confirmed yet.
A close below the technical support at 0.7730 will see the Ozzie challenge the congestion area that runs from 0.7617 to 0.7560. Should the AUD/USD push higher we have resistance at 0.7877. A daily close above this level targets the next technical resistance at 0.8075. Before this level we have to overcome 0.79.
Price action is not very conclusive to enter a trade right now. We need to see if the Doji confirms before thinking a short AUD trade. There are no bullish reversal signals warranting a long USD trade at this time as well. For now I am standing aside watching the charts for a more actionable trade to develop.
