Some Quick Levels Before Trump Wakes and Messes Them Up


As we mentioned in the previous update, the economic calendar is pretty damn light today because it is a bank holiday for the Yanks. 

Although banks are closed for Presidents day, interestingly enough, I don´t think the new president cares about that. So let´s have a quick look at some of the support and resistance levels before he begins his work day and makes the market go mental. 

Well, considering his age, I think he has already began working as it is already passed 6am in Washington. So, let´s get started quickly with AUD/USD since we already have an open forex signal there.  

Support is a lot stronger than resistance as you can see. 

AUD/USD 

Resistance – The closest resistance area starts at 0.7685 and stretches up to 0.77. Above there comes Thursday's high at 0.7730, then 0.7750 and 0.78. 

Support – Support starts at 0.76.50-60, which has been the low on Friday and that´s where we find the 100 SMA on the hourly forex chart and the 50 SMA on the H4 chart. 

0.7615-20 is also an important support level because the 100 SMA comes there on the H4 AUD/USD chart. The 1.7600-10 is a more important level though, since it is a round number and it´s been providing solid support in the last two weeks. 

Below there we can see the 200 SMA on the daily chart at the 0.7570's and a couple of other moving averages at 0.75, but let´s take it one step at a time. 

ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers