Australian dollar up above key resistance level
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.
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|
*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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