Market View and Analysis – AUDUSD

Market View and Analysis – AUDUSD

Today we will look at the AUDUSD, the Australian economy has been relatively robust but remains heavily dependant on China, while the Fed is probably done hiking. No clear direction yet based on fundamentals.

Weekly Overview

Starting on the weekly chart we note the 0.6851 area holding from early 2016 and the spike down on the week of the 31st December. We also will be looking at the 0.7051 area which is good support from late 2017. 

Daily Overview

On the daily chart, we focus on the recent price action breaking the 23.6% fib at 0.7144 and trying to move to the 38.2% fib but the 200 day moving average held price around 0.72969 at the end of January and we have fallen off that level and are nearing the 0.7051 support. 

1 Hour Overview

We will move to the 1 hour chart and not that 0.7051 held over the Asian session, but we may get a retest of that level during the day before a possible bounce. 

We will look for a break of the wedge and a fall back to 0.7050 area. 

Trade Idea

We will be looking for a Sell trade on the AUDUSD.

We will be trading a break of a trendline

We are trading off the 1 hour chart.

We will have an appropriate trade size for our account!

Our entry will be ideally below 0.7085

Our trade will be invalidated with a 1 hour close above 0.7105

Our stop loss will be 10 pips from entry.

Our target will be 0.7050

Happy Trading!

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About Author

Simon Cotterill

After a long break to revamp the company and provide a new offering we have launched our new website and products! Please check out http://www.sctrading.co.uk Follow me on Twitter as I am going to be posting some reports and trades: https://twitter.com/SimonCTrader The new website will launch at www.sctrading.co.uk To subscribe to our New Daily Trade Reports for a free 7-day trail, please visit www.sctrading.co.uk/subscribe If you have any questions, please contact us on info@sctrading.co.uk and one of our team will get back to you.