6:30 AM (EST) Update: Australian dollar up above key resistance level
AUD/USD Daily: Unable to break below support level. Heading up to 23% Fibonacci 0.7982
Australian dollar Fundamental Analysis:
On Mr. Aussie side, Australia’s GDP beat expectations earlier Wednesday during the Asian session and their government remained neutral in its monetary policy stance rather than turning dovish.
On Ms.USA side, the US dollar had a down day against most of her dancing partners including Mr. Aussie, which helped the AUD/USD pair edge higher on the forex dance floor.
Technical Analysis: The Australian dollar dancing against US dollar (AUD/USD) bounced back up above 0.76 for the third time since March 2015, making this level an extremely important boundary for FX traders. The pair is currently forming a spinning top candlestick pattern right below the thinning Ichimoku cloud and and the RSI is heading up towards the neutrality area.
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Market Sentiment: Indecisive but leaning towards bullish
Forex Trading idea: If the pair confirms above the Ichimoku cloud we could see more rallies back towards the 23% Fibonacci. set your stop loss at 0.7731.
Alternative Scenario: Below 0.7731 look for a reversal back to the 0.75 level
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Calculate your risk tolerance and use the levels mentioned below to create a strategy suitable for you. For further help, please visit our investing group. Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.76 | 0.7980 | 0.8150 |
| 0.75 | 0.7731 | 0.8245 |
*Important Note: The support and resistance levels are not suitable for all traders and largely depend on your account size, margin and leverage. Book a private lesson to learn how to personalize your account based on our trading guide.
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