Forex Marketz Daily Forex News – Fully Markets Update
The interim support we were watching in the AUD/USD Forex market gave way and the Australian Dollar lost some ground. The Aussie found some support at 0.7418, this has since been broken and the AUD/USD is trading below the pivot at 0.7368.
Technical Analysis
Taking a look at today’s technical analysis notes near term support lining up at 0.7357. A daily close below this level challenges the technical support lining up at 0.7350. The alternative analysis, should the AUD recover pushing the AUD/USD Forex market higher notes the pivot at 0.7368. A break above this level challenges the technical resistance at 0.7370/71. A break above this technical resistance challenges the technical resistance at 0.7375.
Trading Strategy
Let’s take a look at today’s trading strategy. There is event risk coming up this week in Australia as we will get the core producer price (CPI) index later this week. Also China will be releasing its flash PMI tomorrow. This is good potential for some Australian Dollar volatility. From a technical standpoint, price action is in a narrow trading range for right now. There is no long or short AUD opportunity right now. Also we are trading very close to a technical support level. From a risk to reward standpoint making a trade at this time is not warranted. For now, I will opt to stand aside and monitor my charts for a more opportune trade opportunity to present itself.