Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7019)
Points to consider in this Forex market:
- The Australian Dollar is digesting losses after moving lower.
- Short Position now in play
- Short AUD at 0.69
The AUD/USD Forex market is consolidating after falling lower. This Forex market saw its largest daily drop in four months. The move lower took out the swing bottom from September which indicates the longer term downtrend is back in play. The AUD has failed to break above the former support on multiple times lending strength to this. Please refer to the below AUD/USD daily MT 4 chart for today’s analysis.
Technical Analysis
Let’s look at today’s AUD/USD technical analysis. There is near term support lining up at 0.6757. A daily close below this technical barrier challenges the next technical support at 0.6610. The alternative AUD/USD technical analysis, should the Aussie rise, notes former support at 0.6905. A break above this level challenges the November 10, 2015 low. This technical resistance barrier is at 0.7015.
Trade Strategy
Let’s now discuss today’s trade strategy for the AUD/USD Forex market. I have a short Australian Dollar sale open at 0.69. The first target for this trade is at 0.6757. I have set the stop loss to go live after a daily close above 0.6949. After booking half the profits on this trade, I will move the stop loss to breakeven and hope to capture more AUD weakness in this Forex market.
