Forex Marketz Daily Forex News – Fully Markets Update
The Australian Dollar has now fallen to its lowest level in six years against its US Dollar counterpart. The AUD/USD Forex market has been in a downtrend since mid-May.
Technical Analysis
Taking a look at today’s AUD/USD technical analysis, near term support is lining up at 0.7250. A daily close below this technical level will challenge the next technical support level at 0.7130. The alternative technical analysis, should the AUD push higher, thus pushing the AUD/USD Forex market up, notes technical resistance lining up at 0.7325. A break above this technical resistance level challenges the technical resistance, and July 21 high, at 0.7447.
Trade Strategy
There is some event risk today, as the United States will release its durable goods orders today around 1230 GMT time. If you recall, the last report contracted over two percent last month. We are expecting a print of 3.2 percent for the month of June. Looking at the technical analysis, the AUD is trading too close to a technical support level to warrant a short AUD trade. Timing is off from a risk to reward perspective. There are also no clear cut bullish reversal signs to warrant a long AUD trade. My strategy is to stand aside till a more actionable trade comes along.