dimanche 29 mars 2015
Morning View: USD Still in Charge
Posted on 20:22 by nice news
In this section of my Morning View, I will be posting the day’s most topical charts and sharing my technical views. We start with the AUD/USD Daily re-testing previous trend line resistance now as support.
As seems to be the pattern lately, we started last week with some AUD buying off the bat. It’s always dangerous to call a market in a strong downtrend such as AUD/USD ‘too low’, but this 75.000 – 80.000 zone is giving me an itch.
As you can see on the Daily chart above, price has broken out of it’s daily downward sloping channel on talk that Yellen’s previous Friday afternoon comments weren’t as hawkish as expected, but USD strength kicked straight back in and we sold off all the way into the weekend. Price now sits on the other side of the trend line, re-testing previous resistance now as support.
I will be looking for buyers to enter the market down here with any sort of strength off that re-test of the broken trend line. 77.000 and just above is my key level to watch for a reaction from buyers. Alternatively, as we are still in a strong down trend, watch for price tucking back into the channel with any touch from the underside possibly re-activating the level to resume another leg to the downside.
As seems to be the pattern lately, we started last week with some AUD buying off the bat. It’s always dangerous to call a market in a strong downtrend such as AUD/USD ‘too low’, but this 75.000 – 80.000 zone is giving me an itch.
As you can see on the Daily chart above, price has broken out of it’s daily downward sloping channel on talk that Yellen’s previous Friday afternoon comments weren’t as hawkish as expected, but USD strength kicked straight back in and we sold off all the way into the weekend. Price now sits on the other side of the trend line, re-testing previous resistance now as support.
I will be looking for buyers to enter the market down here with any sort of strength off that re-test of the broken trend line. 77.000 and just above is my key level to watch for a reaction from buyers. Alternatively, as we are still in a strong down trend, watch for price tucking back into the channel with any touch from the underside possibly re-activating the level to resume another leg to the downside.
Morning View: USD Still in Charge
Categories: Morning View: USD Still in Charge
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