Forex Marketz Daily Forex News – Fully Markets Update
The AUD/USD Forex market fell lower, as expected, after the formation of a three inside down candlestick which is visible on our daily MT 4 chart.
Technical Analysis
Taking a look at our technical analysis for today, I note technical support just above the 0.74 pivot, which is providing some support now, at 0.7418. A daily close below this level challenges 0.74 then the technical support lining up at 0.7282. The alternative analysis, should the Australian Dollar push higher, thus propping the AUD/USD Forex pair up, sees technical resistance lining up at 0.75. A daily close above this technical level challenges the technical resistance lining up at 0.7565.
Trading Strategy
There is not a lot of event risk affecting either the AUD or the USD today, so I will rely on my charts to make a determination whether or not to trade. Right now, price action is too narrow and with a clear cut directional bias. This means, I will opt to stand aside and watch my charts for a more compelling trade opportunity to come along over the next several days. Right now, from a risk to reward perspective, timing is not right to justify a long or short AUD trade.