Key Levels in Asian Trade
Markets appear to be in wait and see mode at the moment as we all sit back and await the next week.
Markets appear to be in wait and see mode at the moment as we all sit back and await the next week.
In Asian trade, the AUD/USD is pushing higher today and as we can see on the chart below, price remains in the longer-term uptrend. We’ve seen price push as high as that 0.7800 level, before settling right around the 0.7750 level. Of course, we have support at 0.7700 as well.
The USD has also pulled back a little bit, after seeing a bounce over the past week and that has helped prop up the Aussie.
My expectations are that we will remain in this holding pattern until more news comes to light about what is actually happening behind the scenes.
While we see both Democrats and Republicans, trying to impeach US President Trump, I feel this is all a smokescreen, but we will know more in the days ahead.
The NZD/USD is also holding steady and is just underneath the 0.7200 level today. It is also higher on the session but really hasn’t done all that much.
Price does look a little bit more bearish to me and a drop of that 0.7160 level, could be a nice opportunity for a quick break down to the short-side.
After peaking at 0.7300, we can see that price has made two lower highs and that is a clear sign of selling pressure.
Of course, the Kiwi will also be heavily influenced by the USD, but relatively, it is weaker than the AUD at the moment.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals