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AUD/USD Moves to Resistance Ahead of News

AUD/USD Moves to Resistance Ahead of News

2016-04-15 10:58:00
Walker England, Forex Trading Instructor
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Talking Points

  • The AUD/USD Tests Resistance Ahead of U. Michigan Confidence Survey
  • Bullish Breakouts Begin Above .7757
  • SSI Remains Negative, Reading at -1.62

AUD/USD 30 Minute Chart

AUD/USD Moves to Resistance Ahead of News

(Created using Marketscope 2.0 Charts)

What’s next for the US Dollar? Click HERE for our analysts Free forecast!

The AUD/USD is trading higher this morning, as markets await today’s University of Michigan confidence survey. This survey is designed to measure consumer purchasing power and is typically indicative of the current economic conditions in the United States. Today’s data is set to be released at 14:00 GMT with expectations set at a reading of 92.0. As this high importance event has the ability to affect US Dollar based pairs, traders should continue to monitor market conditions and volatility by referencing key technical values.

Traders should note that the AUD/USD is currently trading at the R3 Camarilla pivot, which is displayed above at a price of .7725. This point marks the top of today’s pivot trading range. In the event that prices turn from this point, traders will begin looking for the AUD/USD to first approach range support. This value is found at .7660, and is represented by the S3 pivot above. If prices reach the S3, but fail to breakout lower, traders may again look for price action to traverse today’s 65 pip range.

With a pending high important news event on the calendar, traders may also begin preparing for a breakout. Today, bullish breakouts begin over the R4 pivot found at .7757. Alternatively, bearish breakouts begin below the S4 pivot at .7628.In either breakout scenario, traders may find initial targets by extrapolating a 1X extension of the previously mentioned 65 pip trading range. This places bullish and bearish targets at .7822 and .7563 respectfully.

Why and how do we use SSI in trading? View our video and download the free indicator here

SSI (speculative sentiment index) for the AUD/USD is currently reading at -1.62. While this value is not extreme, this negative reading suggests a bullish bias for the pair. In the event of a bullish breakout, traders should look for SSI to move towards a negative extreme of -2.0 or more. Conversely, in the event of a bearish reversal, traders should look for SSI to return towards more neutral values.

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