AUD Trading Outlook
The early focus will be on the downside and we may well get a test lower first to see how strong the reported bids are at .9410/20. It’s Friday, no-one will hold positions, so expect a reversal in the afternoon. I’m looking for a .9390/.9480 range.
Resistance levels are clear at .9520/30 and with strong bids reported at .9410/20, it’s hard to argue with this as our 100 pip range of the day.
The levels are pretty clear today, with solid support at .9460 and resistance at .9530. I’d play this range with a bias towards selling rallies.
Picking the important 100-pip range levels is a bit easier today and I’d suggest a range between .9520/.9620 with a modest bearish bias on the session. The market does like to test out important levels when it gets the chance.
Once again I think it’s going to be a case of picking the 100 pip range over a 24 hour period. In fact I think we might struggle to get even that much volatility but .9550/.9650 should cover most eventualities. Risk appetite remains strong which should support AUD/USD on dips but we’ve come a long way in a short time from .89 cents so little wonder that the market is resting.
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