Forex Marketz Daily Forex News – Fully Markets Update
The AUD/USD has been inching lower and testing the familiar range floor bottom since forming a three inside down candlestick.
Technical Analysis
For today near term support is at the key pivot of 0.75. Actually at 0.7499/0.75. A daily close below this level challenges the technical support lying at 0. 7418. The alternative analysis, should the AUD/USD push back higher notes resistance lining up at the range support at 0.7560 to 0.7598. A daily close above this area challenges 0.7730.
Trade Strategy
Looking at the technical analysis today for our trade strategy, price action is way to close to a key technical support and pivot level to warrant a short AUD trade. Timing is off from a risk to reward perspective to warrant such a move. There are also no clear cut bullish reversal signs, so taking a long AUD (short USD) trade is also premature. For now, I will opt to stand aside and monitor my charts for a better trade opportunity to present itself.