USD Is Hanging Tough: More Levels For The AUD/USD
Shain Vernier • 1 min read
All week long we have watched as the AUD/USD has turned in one trend day up after another. As my colleague Skerdian covered in an earlier update, the action has brought opportunity to buy a pullback. There is a live signal on the board to capitalize on this action. Be sure to check it out for a detailed gameplan.
This morning featured the release of several secondary U.S. economic metrics. The reports were small disappointments, with Capacity Utilization and Industrial production coming in slightly negative. After a long week of market movers, this morning’s numbers yielded little significance.
From my experience, the more data and indicators the better. Below, the daily chart for the AUD/USD has an area of robust support developing.
This week’s rally in the AUD/USD has created several opportunities to get long. If today’s support area comes into play, there will be premium trade location to the bull:
- Support (1) 38% retracement current wave, .7620
- Support (2) Bollinger MP, .7609
- Support (3) 20 Day EMA, .7599
- Support (4) Daily SMA, .7593
The presence of four unique support levels in a 25 pip range lends credence to the area’s validity. With no market movers on the economic calendar for the rest of today, .7625 to .7593 is highly likely to serve as robust support.
Again, there is a live signal facing the Aussie over on the signals page. Be sure to check it out for more information on how to bank some green pips from the action.