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AUD/USD Begins Session In Range

AUD/USD Begins Session In Range

Walker England, Forex Trading Instructor


Talking Points

  • AUD/USD Opens In a 86.8 Pip Range
  • AUD/USD Bullish Breakouts Begin Over .76927
  • If you are looking for Forex trading Ideas, check out our Trading Guides.

The AUD/USD has started trading this Wednesday consolidating in an 86.8 pip pivot range. This range is defined by support at the S3 pivot, found at a price of .75626. While resistance is found at the R3 pivot at a price of .76494. Traders will be watching today’s ISM numbers to provide direction for US Dollar based pairs. Expectations for the event are set at 55.9, and outstanding any surprises the AUD/USD may continue to range for the remainder of the session.

In the event of a price breakout, traders should continue to monitor today’s R4 and S4 pivot. Bullish breakouts may begin over the R4 pivot, found at .76927. While bearish breakouts may begin beneath the S4 pivot, found at .75193. In either scenario, traders may extrapolate a 1X extension of today’s 86.8 pip range to find initial breakout targets.

AUD/USD 30 Minute

(Created by Walker England)

The ratio of long to short positions for the AUD/USD stands at -1.17. This SSI (speculative sentiment index) reading is relatively flat, but does have a slight bias towards a further advance in price for the AUD/USD. In the event that the pair breaks reverses lower, traders should look for SSI to flip to a positive reading. Alternatively in the event of bullish breakout, traders should look for SSI to move to a negative extreme of -2.0 or greater.

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