Key Levels in Asian Trade - Forex News by FX Leaders
Asian Levels

Key Levels in Asian Trade

Posted Tuesday, November 24, 2020 by
Rowan Crosby • 1 min read

Asian pairs are still stuck in their technical ranges, however, the technical patterns and levels are getting stronger by the session.

Overnight, there was a bit of a bid in the key risk assets, with stocks pushing a little higher. While the USD, actually pushed back up and has recovered from the lows.

At the moment, we are really just seeing flows back and forth with the media grabbing any headlines they can to justify the daily ups and downs. To me, we are just in a holding pattern while we wait on a few key events – such as the result of the Presidential election and the imminent arrival of a vaccine.

For now, then, the best strategy is to really just look to what the technicals are telling us and trade around those levels.

AUD/USD

The AUD/USD has been pushing higher and is making a series of higher lows underneath the 0.7320-40 range.

This is also a triangle type formation and is normally a sign of a pending breakout. We could look to get long on a break or get long in advance and use the 0.7250 level as a stop loss region.

AUD/USD
AUD/USD – 240min.

NZD/USD

The NZD/USD is an upward channel and generally speaking this is a bearish pattern. We should note that there is a key level above – which is 0.7000.

An interesting trade would be a short on a fail at that level.

However, it is clear as day that the longer-term trend is to the upside, so that would be a short term type of trade.

A break and hold above 0.7000, would be a good long signal and a breakdown in the USD would also be a catalyst for that type of move.

NZD/USD
NZD/USD – 240min.

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