Post RBA Trading Plan For The AUD/USD - Forex News by FX Leaders

Post RBA Trading Plan For The AUD/USD

Posted Tuesday, November 7, 2017 by
Shain Vernier • 1 min read

The Reserve Bank of Australia issued their announcements earlier in the forex session. Rates were held steady at 1.5%, and the Aussie initially took the news in stride. Since that time, there has been a failed auction above Monday’s high and a pronounced run to the bear.

Currently, the AUD/USD is off over 40 pips, with price action threatening downside macro support levels. Trade has been largely sideways for the past two weeks. As of now, this market looks to be on the verge of breaking out. In addition to yesterday’s trade recommendation, there is a live signal for the AUD/USD on the board.

If you are interested in becoming active in this market, check out the signals page for trade specs and buckle up!

 

AUD/USD Technicals

Participation is heavy, and the market is taking a skeptical view of the Aussie.

AUD/USDAUD/USD, Daily Chart

 

As we move forward, here are a few levels to be aware of:

  • Macro Support(1): 38% yearly retracement, .7628

  • Support(2): October swing low, .7624

Overview: Price is currently trending towards our macro support level of .7628. In the event that we trade beneath October’s low, a pronounced sell-off is possible. For a detailed outline of this scenario, refer to Monday’s trading plan for the AUD/USD.

If you are active in this market, be aware of U.S. Federal Reserve Chair Janet Yellen’s speech scheduled for 2:30 PM EST. It is a potential market mover and one that may fuel short-term volatility.

 
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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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