AUD/USD: Aussie finally tapping into 0.68750
Aussie finally tapping into 0.68750, Where to next?
Good Afternoon Traders and welcome back to EverythingFX!
The Australian Dollar is currently trading at 0.68634 against the US Dollar during today's London session!
What a week it was last week with a call on top of call! One of them being the Aussie Dollar long trade we put out there on the Technical Floor. After having a nice rejection of 0.67250 as mentioned we saw a nice push of 150 PIPs to the upside where we are now resting on our weekly resistance!
You may be kicking yourself that you not on the technical floor and didn't catch that move but I'll help you out this time and tell you where we are heading next! As we normally do, let's start on the weekly timeframe, we saw an extremely bullish candlestick closure at the back end of last week! However, we have seen a rejection so far off that all-important level of 0.68750 on a lower timeframe.
So based on the price action on a 4-hour timeframe I see that we could have some sort of correction towards the highlighted zone of 0.68000 as shown in the screenshot above! Please, traders, don't take it as a given and just buy once the price reaches this level! We will need to wait for some sort of bullish reversal from these levels before actually anticipating the continuation with eyes on the round psychological level of 0.70000 going forward!
So we have now covered the technical picture, let's take a look at the fundamental/economic view on things. One of the RBA's main focus was employment, which is one of the main reasons we saw a nice push-up last week! So going forward we need to keep our eyes peeled on the US-China trade deal as that will bring a lot of optimism for the Australian economy! Stay tuned to the Market news section, Twitter feed and Social media accounts for further updates!