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AUDUSD Morning Breakout

AUDUSD Morning Breakout

2015-07-01 13:35:00
Walker England, Forex Trading Instructor
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Talking Points

  • AUDUSD attempts breakout
  • S4 breakouts begin at .7667
  • Range support sits at .7685

AUDUSD 30Minute Chart

AUDUSD Morning Breakout

(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)

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The AUDUSD has already tested two extremes in today’s trading. Overnight the pair attempted to breakout to higher highs, above the R4 pivot at .7738, on better than expected building data. Prices failed to breakout at this point however, and prices are now testing values of support. Currently price is trading off of the S4 pivot at .7667, with the USD being bolstered by better than expected ADP employment figures. A breakout at this point would be considered a resumption of the

AUDUSD’s primary trend, allowing directional traders an opportunity to re-enter the market.

In the event that the market fails to breakout, traders can reasonably look for a resumption of range bound trading conditions. It should be noted that so far the AUDUSD has traversed today’s 35 pip range once. A move back inside of the S3 Camarilla pivot at .7685, would be a strong signal that prices may be reversing in a range. At which point, traders can begin targeting values of resistance at the R3 pivot.

AUDUSD Morning Breakout

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Previous Market Setups

EURUSD Continues Trading in Range

USDollar Retraces to Support

USDJPY Breakout on News

USDollar Trend Retracement

GBPUSD Reaches Range Resistance

---Written by Walker England, Trading Instructor

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