Today's focus: AUDUSD
Pattern – HL
Possible targets – 68.11 – 68.85
Support – 67.17
Resistance – 67.75
Could we see further upside from the AUDUSD? Currently price is bouncing off short-term support. This could continue if some of this week's key news goes in favour of risk markets. The USD has had a solid run recently but could any hints at future rant holds set off a new pullback? If so this could be fuel for the AUD to continue its push.
Australian CPI is also due out on Thursday, its forecast to come in slightly lower Could a miss also help drive buying?
For now, we will continue to watch price as it holds off short-term support with a new HL and see if it can continue to push higher reclaiming some of last week's lost ground.
Have a great day and good trading.
Pattern – HL
Possible targets – 68.11 – 68.85
Support – 67.17
Resistance – 67.75
Could we see further upside from the AUDUSD? Currently price is bouncing off short-term support. This could continue if some of this week's key news goes in favour of risk markets. The USD has had a solid run recently but could any hints at future rant holds set off a new pullback? If so this could be fuel for the AUD to continue its push.
Australian CPI is also due out on Thursday, its forecast to come in slightly lower Could a miss also help drive buying?
For now, we will continue to watch price as it holds off short-term support with a new HL and see if it can continue to push higher reclaiming some of last week's lost ground.
Have a great day and good trading.