Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7674)
- Resistance Levels: 0.7842, 0.8017, 0.83
- Support Levels: 0.7715, 0.7560, 0.7466
- Trade Strategy: Stand Aside
The AUD/USD is looking to move higher. Please note that price action, on the below daily MT 4 chart, broke up the falling trend line resistance level. This trend line goes back to September 14, 2014.
There is near term resistance lining up at 0.7844. A break above this level will challenge the next technical support at 0.8017. Should the Aussie push lower, sending the AUD/USD lower, then please note resistance turned support at 0.7715. A daily close below this level will challenge the technical support at 0.7560. This level is also the March low.
I closed my short AUD sale at 0.7736. This enable me to book 50 percent of the position for profit, so far, and I then moved the stop loss to break even to close out. For now, I am watching the charts for another opportunity to go short on the AUD/USD Forex pair.
