Forex Marketz Daily Forex News – Fully Markets Update
The Australian Dollar has sold off for five straight days against its US Dollar counterpart. Sellers are firmly in control, after forming a 3 Inside Down candlestick, as they have taken the AUD/USD below the 0.79 pivot. Right now we have near term support at 0.7848. A daily close below this level will challenge the technical support at 0.7772. Alternatively, should the AUD/USD move higher again, we note support at the rising trend line. This level is at 0.7921 today. A break above this level will challenge the technical resistance at 0.8015.
As far as trade strategy is concerned, price action is in a narrow range right now. The AUD/USD is trading between a technical resistance and support level which makes placing a long or short AUD trade difficult. For now, I will opt to stand aside and monitor the charts for a more opportune trade opportunity. As far as macro events are concerned, Friday’s US CPI release could cause some unexpected USD volatility.