AUD/USD:- Stalls Around Key Resistance Level As NFP Approaches

Published date: 05/07/2018
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AUD/USD:- Price has failed to move much since Monday as the key level of resistance has held relevance, especially the minor high level I have plotted on at 0.74110. This will now be the crucial barrier to see a 4-hour candlestick closure back above, before considering a correction in price.

The Australian Fundamentals have been hawkish with a fairly positive outlook on the economy, providing a much-needed rest for the pair having sunk to its lows at 0.73110, which haven't been seen since January 2017. We may now see some increased volatility as we lead up to NFP, with the favoured bias still to the upside.

A strong rejection of its current support level 0.73600 could thrust the pair back into the highs. This could finally confirm a break of the channel structure, which would lead us nicely into a retest of the 0.7500 level we've have been calling for weeks now. 


Comments

  • AUD/USD:- Stalls Around Key Resistance Level As NFP Approaches
    Darren says:
    05/07/2018

    Keep up the brilliant workπŸ’ͺ🏽πŸ’ͺ🏽πŸ’ͺ🏽πŸ’ͺ🏽πŸ’ͺ🏽πŸ’ͺ🏽

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