AUDUSD Morning Breakout
- AUDUSD attempts breakout
- S4 breakouts begin at .7667
- Range support sits at .7685
AUDUSD 30Minute Chart
(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.
Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.
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---Written by Walker England, Trading Instructor
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