Forex Marketz Daily Forex News – Fully Markets Update
Points to consider in this Forex market:
- The Australian Dollar has fallen the most in one day at it has in three weeks. The bear trend is now back on.
- Short AUD sale at 0.7101 now in play.
- Trade Strategy: Short AUD @ 0.7101. First target reached. Stop loss at breakeven.
The AUD/USD Forex market has turned sharply lower. This Forex market has seen its largest daily gap lower in three weeks. As I was writing this, I had planned to enter a short sale as it fell below 0.71. That went sale is now active and my first target of 0.7022 has been achieved. The longer term down trend is now back in play since correcting higher from 0.68.
Technical Analysis
Let’s talk AUD/USD daily technical analysis. As mentioned above this Forex market is now trading below the first downside barrier at 0.7022. The next downside barrier is lining up at 0.6950. The alternative AUD/USD technical analysis, should the AUD recover, notes former support now resistance as the first upside barrier. This level is at 0.7022. A break above this level challenges 0.7135 then the technical resistance lining up at 0.7210.
Trade Strategy
Let’s get into today’s AUD/USD trade strategy. At first, from a technical perspective, this Forex market was too close to technical support level. As I was writing this article, the gap lower occurred and my short sale at 0.7001 went live. My first target at 0.7022 has been achieved. I have now trailed my short loss to break even. I have also book 50% of this short trade and will leave the remainder open to capture further Australian Dollar weakness.
