Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.7276)
Some points to consider in this Forex market:
- Stop loss with last week’s short position was triggered above 0.72.
- Will wait for another short AUD trade to come along after this corrective bounce loses steam
- Trade strategy: Stand aside
The AUD/USD Forex market has gone back on the offensive as prices have once again crashed above the pivot at 0.72. The Aussie Dollar has found some support at the rising trend line, visible on the below AUD/USD daily MT 4 chart. This trend line has been in play and guiding the AUD/USD higher since the middle of September 2015. Please use the same MT 4 chart for today’s technical analysis.
Technical Analysis
Let’s first discuss today’s AUD/USD daily technical analysis. There is near term support at the rising trend line. This technical support level is lining up at 0.7088 today. A daily close below this technical support level challenges the next technical support lining up at 0.6905. The alternative AUD/USD technical analysis, should the Aussie Dollar continue to rise, notes technical resistance lining up at 0.7205. A break above this technical level challenges the resistance level lining up at 0.7282.
Trade Strategy
Now, we can discuss today’s daily AUD/USD trade strategy. Late last week, if you recall, I entered a short AUD sale at 0.7166 with a stop loss at 0.72. This trade has come to an abrupt end as this Forex market went back above 0.72. The dominant AUD trend remains bearish. Keeping that in mind, I will wait for this current corrective bounce higher to end then place another short AUD short sale. For now I will stand aside and be patient. I am flat, for today, in the AUD/USD Forex market.
