Forex Market News
Ok, so the AUD/USD is actually heading lower in early Europe, but i am still confident that we should pop higher at some stage and hopefully soon. As the attached hourly chart shows, we have been working our way higher only to fail at the 0.6550 level each time. I am expecting this to give way at some stage and see a quick move to 0.6650 before consolidating above the 0.6550 level for an eventual move back to 0.6850.
It is worth noting that the 50 and 100 day MA’s come in around the 0.6660/90 region which may provide some resistance and are certainly worth keeping an eye on.
If you are not already long, look to buy on dips to 0.6400 and 0.6350 with a stop below 0.6280 for a move to 0.6850.