Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.8723)
- Resistance Levels: 0.8730, 0.8800, 0.8885
- Support Levels: 0.8640, 0.8530, 0.8440
Even with today’s Reserve Bank of Australia (RBA) rate decision, there was little movement in the AUD/USD. The Ozzie Dollar continues its decline against the U.S. Dollar after we formed a bearish candlestick bellow 0.8857. However we seemed to have found a floor, if not good support at 0.8640. Please see the above Daily MT 4 chart.
We note near term support at a cluster zone from 0.8620 to 0.8660. A close below this level will target 0.8640 once again. A daily close below this level will challenge 0.8530. The alternative view is that we need a break and close back above 0.8730. If this happens we will challenge a technical resistance cluster zone which ranges from 0.8775 and ends at 0.8800. A close above this area challenges 0.8885.
The trading analysis on the AUD/USD is interesting. I am noting a narrow and choppy trading range which indicates any long or short trades are not justified at this time. This means sitting on the side and waiting for a clearer trade signal is the game plan. If one chooses to day trade, look to time the peaks and valleys as price action is short and choppy. As soon as we see a clearer signal, we will change our strategy.
Remember, trading analysis is educational and does not constitute actual trading advice.
