AUDUSD Short Trading Opportunity To 0.6525

Wed 8th March 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• AUDUSD
• NZDUSD (Covered in Video)

AUDUSD Short Trading Opportunity To 0.6525

Today’s currency strength indicator tables highlight the USD as the strongest currency and AUD as the weakest.

This could offer us short trading opportunities on AUDUSD.

Fed Chairman Powell testified to congress yesterday and stated the ‘Fed will be willing to hike rates at a faster pace’.

This was the driver behind the USD strength, which caused AUDUSD to move lower.

If the price is going to continue lower we could expect support of 0.6525 to be tested.

Previous lows at 0.6700 could act as resistance for traders looking to short this market.

This level holds confluence with a trend line resistance.