Key Technical Levels
Charts created using Strategy Trader - Prepared by John Rivera
A short-term rising channel is providing target levels for scalpers to enter and exit positions. The pattern is the only technical levels for traders to hang their hats on, as the pair is trading well above moving average studies and within its medium term channel. A break of trend line support would expose support at 0.9100 and could be a set-up for short-term traders to target.
Charts created using Strategy Trader - Prepared by John Rivera
Quantitative Metrics
The AUD/USD’s Bollinger band has widened to 442 pips as the pair has been in a bullish trend, placing its level of variance near the top of the most traded pairs. The one-way price action us too concerning as the pair has been in a predictable pattern, but does increase the risk level. An ATR of 112 pips is also a concern as it accounts for 1.22% of the spot price, placing its relative daily volatility in the middle amongst the majors.
Charts created using Strategy Trader - Prepared by John Rivera
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To discuss this report or be added to the email list, contact John Rivera. Currency Analyst: jrivera@fxcm.com
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