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Turnaround in the AUDUSD May be in the Horizon Below 1.010

Turnaround in the AUDUSD May be in the Horizon Below 1.010

2011-02-08 16:30:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Short AUDUSD @ 1.009

1.0079

1.00

1.025

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Long USDCHF

0.954

0.960

0.9572

*Note: EURUSD short is from the last updated report on Thursday

Despite China raising interest rates twenty five basis points for the second time in over a month, the AUDUSD remains supported by 1.012 on the 15 minute chart due to the fact that the increase in borrowing costs was widely expected for some time now. Looking ahead, currency traders will now shift their focus to Australia’s employment report which will be released on February 10th at 00:30 GMT. As of late, economists are forecasting n increase of 20.0K in January after the labor force expanded 2.3K the month prior. A dismal release paired with the recent cyclone and bush fires could place added pressure on the aussie and lead the AUDUSD to break below its key support level, which will validate my bearish bias. As price action moves in our favor, place a trailing stop to lock in some profits and avoid any unforeseen losses.

AUDUSD 1 Hour Chart

Intraday_Trading_02.08.11_body_audusd1.png, Turnaround in the AUDUSD May be in the Horizon Below 1.010

Charts Created Using FXCM’s Strategy Trader

Close: 0.954

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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