Forex Marketz Daily Forex News – Fully Markets Update
The AUD/USD is getting ready to challenge the all-too familiar range floor as the Ozzie has been sinking. Note the Doji Candlestick then move lower. Near-term support is at the end of a congestion area running from 0.7617 to 0.7560. A daily close below this level will challenge the technical support at 0.7420. Should the AUD/USD reverse course and move higher, then we note technical resistance at 0.7739/40. A break above this level challenges the resistance at 0.7877.
Right now there is no short trade as we are too close to a support level. From a risk to reward perspective a short AUD makes no sense. There are no bullish reversal signals justifying a long US Dollar trade either. For now I am sitting on the side lines waiting for a better trade opportunity to present itself.