AUD/USD Stalls at Resistance
- AUD/USD Attempts to Breakout Lower Under .7470
- Aussie Private Sector Credit Figures Miss Expectations
- Further Declines in Price May Target .7365
The AUD/USD has attempted to breakout lower this morning, after initially stalling at a key point of resistance. So far, resistance for the day has been marked at the R3 pivot point at a price of .7470. After testing this point, prices continually declined on news that Aussie Private Sector Credit figures were released worse than expected at 0.4%.
This decline initiated a false breakout, which began below today’s S4 pivot, found at .7407. Now prices have rebounded and are trading back above the S3 pivot at .7428. This value is acting as range support for today’s 42 pip trading range. If prices stay above this value, it may open price action to return towards values of support, which include the previously mentioned S3 pivot and the S4 pivot found at .7491.
In the event that the AUD/USD trades back below the S3 pivot, traders may again look for bearish breakouts below the S4 pivot at .7407. A move below this value would be significant as it would be the second attempted bearish breakout for the session. In this scenario, traders may extrapolate today’s 42-pip range to place initial bearish targets near .7365.
AUD/USD 30 Minute
(Created using Marketscope 2.0 Charts)
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.