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AUDUSD Retraces to Resistance

AUDUSD Retraces to Resistance

Walker England, Forex Trading Instructor

Talking Points

  • The AUDUSD attempts both bullish and bearish breakouts
  • Today’s range measures 36 pips
  • S4 breakouts begin above .7048

AUDUSD 30Minute Chart

(Created using Trading View Charts)

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Trading has been mixed on the AUDUSD today, with prices challenging both values of support and resistance. The pair first dipped overnight, below its S4 Camarilla pivot at .6977. Price action soon recovered however, moving back inside of today’s 36 pip trading range. The range, identified in the graph above, begins at the S3 pivot found at .6994 and concludes at the R3 pivot at .7030. A move inside of the range nullified the first attempted breakout, and has signaled a change in market conditions for the day.

Shortly after moving through today’s trading range, price completed a bullish breakout above the R4 pivot found at .7048. From this point, prices have advanced as much as 44 pips to the standing daily high at.7092.Looking at current price action, the AUDUSD has retraced off its highs back to today’s R4 pivot. If prices remain supported above this area, it can allow traders an opportunity to take advantage of fresh bullish momentum. First targets above R4 include a 1x extension of today’s range at .7084. It should be noted, that any bullish bias would at least be temporarily invalidated with a price drop below .7030, back inside of the previously mentioned trading range.

Camarilla pivots are useful support and resistance tools for day trading. Learn more about pivot points with DailyFX! You can begin learning about markets and trading intraday price reversals with pivot points HERE.

Once you are ready to get started, register for a FREE Forex demo with FXCM. This way you can practiceyour day trading techniques while watching Forex pairs in real time.

Previous Market Setups

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FX Reversals: EURUSD Attempts Breakout on News

---Written by Walker England, Trading Instructor

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