AUD/USD: Bouncing off 0.67000
Good Afternoon Traders and welcome back to EverythingFX.
The Australian Dollar is currently trading at 0.67401 against the US Dollar during today's London session!
Let's take a look at the weekly for starters. We have now seen 4 rejections off of the lows of 0.67000. Trade idea was given on our Technical Floor several days ago where the trade came just 20 pips shy of the original target of 0.68000, Providing members with an easy 100 pip intraday opportunity!
Dropping to the daily, we had nice bullish reversal off of the lows towards the end of last week! Taking a look slightly lower on the 4-hour timeframe we have now since retraced from the highs, so this is in the middle of no man's land really so we are patiently waiting for a push lower to then look for some sort of bullish reversal to potentially go higher! It remains important that we remain above 0.67000 as a break back below this level would invalid the upside bias!
Fundamentally, We need to keep our ears open for Fed Chair Jerome Powell this evening as he is scheduled to speak. One needs to keep in mind it will be his tone that sets the momentum for the dollar so do just keep that in mind when trading this as volatility will be higher than normal! Alongside that, we keep our eyes open for any news/comments from the US & China Trade deal to see if we get any improvements, provided they follow through successfully like anticipated that will assist the Aussie in gaining strength! Do stay tuned to our market news section as well as Social media accounts and twitter feed!