What’s Going on With the Price Action in the AUD/USD? - Forex News by FX Leaders

What’s Going on With the Price Action in the AUD/USD?

Posted Wednesday, December 13, 2017 by
Rowan Crosby • 1 min read

In overnight trade, the AUD/USD did it’s very best to stage what was a very unlikely rally. And for the most part, no one could work out exactly why that was the case.

The Aussie has been in a downtrend for the best part of a few months now and it has really tanked from the highs of 81 cents. Yesterday we saw a jump during European and US trading, and there really was no fundamental drivers. The only major news that came to light was of a huge M&A deal that featured a European conglomerate buying out Australia’s major shopping centre chain. Otherwise, we have to assume the spike was technically driven.

The AUD rallied to 0.7578 which was one of our resistance levels that we had been focused on. It promptly sold off, but it has given us a good guide as to where the selling pressure seems to be.

I’m not looking for huge movements in the Asian session, but I’m happy to sell spikes to the upside into that resistance level. With the FOMC tomorrow morning (Asian time), I won’t be taking any long-term positions on just yet.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of