Forex Marketz Daily Forex News – Fully Markets Update
The Aussie dollar moved lower this morning in the AUD/USD Forex market after the Reserve Bank of Australia kept monetary policy as is but jawboned that the Aussie was still to expensive and posed a risk to economic conditions. Looking at the below daily MT 4 chart, you will note a bearish engulfing candlestick below the top near 0.78. This Forex market has since been moving lower.
Aussie Dollar Technical Analysis
Let’s talk about today’s Aussie dollar technical analysis. There is near tem support lining up at the end of a small cluster zone that runs from resistance turned support at 0.7499 to 0.7525. A daily close below this first downside barrier, opens the doors to challenge the next layer of technical support lining up at 0.7455.
The alternative technical analysis notes the first layer of technical resistance lining up at 0.7615. This is the trend line resistance level. A break above this level challenges the next upside barrier lining up at the March 30 high of 0.7680.
Trade Strategy
Let us discuss the trade strategy for this particular Forex market. I have now triggered a short AUD sale at 0.7605 with an initial target at 0.7525. The stop loss will activate on a daily close above 07650. Once, and if, the first target is achieved I will close half the trade and leave the remainder open. The stop loss will then be trailed to breakeven.
