In the last market update, we posted the support and resistance levels for NZD/USD. We already opened a forex signal at the first resistance level. This is because it had already risen too far too fast and the retrace higher is coming to an end, in my opinion.  

Now let´s see where these levels stand in AUD/USD and hopefully pick a good place to open buy/sell forex signal.

AUD/USD

Resistance                                                       Support

1 – 0.7440-50 (strong – 200 SMA on H1 chart)                1 – 0.7420 (medium – last week´s high)

2 – 0.7490-0.75 (strong – 100 SMA on H4 chart)             2 – 0.74 (strong – 50 SMA on H4 chart)

3 –0.7525 (strong – 200 SMA on H4 chart)                      3 – 0.7470 (mild – 100 SMA on H1 chart)

4 – 0.7570 (strong – 200 SMA on daily chart)                 4 – 0.7330-40 (strong – last week´s low)              

These are the support and resistance levels for AUD/USD. I´m itching to sell this forex pair right now at 0.7440 and I might do so. Although, we already have two sell signals in GBP/USD and NZD/USD, so another signal in the same direction would increase the risk substantially for us. But, let´s watch the price action for a while and see if it gives us a few clues.