Key Trend Line Holds up in the Ozzie Dollar

The AUD/USD Forex market is attempting to move higher after the rising trend line support level held up. This trend line has been in play since January. This recovery is likely not to carry much steam as there are fundamentals against supporting the Ozzie Dollar as well as key event risk on the horizon. Both the Federal Reserve Board and the Bank of Japan (Fed, BOJ) are set to release monetary policy tomorrow.

Ozzie Dollar Technical Analysis

Let’s talk about today’s AUD/USD daily technical analysis. There is near term resistance lining up at 0.7533. A daily close above this first upside barrier, challenges the next upside barrier that lines up at 0.7588. The Alternative technical analysis, for the Ozzie Dollar, notes near term support at 0.7451. A break back below this first downside barrier, challenges the next technical support level that lines up at 0.7380.

Trade Strategy

Now let’s discuss today’s Aussie Dollar trade strategy. Price action is too close to a technical resistance level to place a long AUD trade. There are no bearish reversal signals at this time so a short AUD sale is ill times. There is also significant event risk with monetary decision from both the Fed and BOJ coming up. Those events will effect price positioning. For now, I will opt to stand aside in this Forex market. For today, I am flat in the AUD/USD Forex pair.