Resistance at 0.7640 Keeps Holding Strong in the AUD - Forex News by FX Leaders

Resistance at 0.7640 Keeps Holding Strong in the AUD

Posted Tuesday, November 28, 2017 by
Rowan Crosby • 1 min read

The AUD/USD has been a great trade to the short side over the last couple of months and as it happens the FX Leaders Team have an open sell signal out, which will hopefully hit the take profit very soon.

Yesterday I spoke about how I really liked the look of 0.7640 as a level to short the Aussie. And sure enough, we spiked perfectly into that region and promptly sold off.

It’s an important level for me because it is really the key support turned resistance level. And it keeps on holding up. The USD rebounded a touch yesterday which added to the weakness during the US session. However, I suspect we are due for a bit more weakness in the greenback.

I’ll target 0.7640 should we make another push towards that level during today's trading session.

AUD

AUD/USD – 240 min Chart.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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