EURUSD +50 Pips : AUDUSD Falls After Key Data
Tues 5th September 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- EURUSD (Covered In Video)
- AUDCHF(Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
Yesterday’s Video featured EURUSD as our Primary Focus Pair which gave us an entry and is currently in profit with stops moved to breakeven.
AUD and NZD weakened overnight; this was down to a RBA interest rate decision in which the central bank held interest rates at 4.1% as expected.
USD being a stronger currency helped AUDUSD break down and fall.
AUDUSD has traded down through the key level of support of 0.6400.
The weekly chart shows us that the AUDUSD could trade down to the next level of support which is 0.6300.
However, looking at the hourly chart relative to its 50 moving average, we can see price has extended away.
In order for us to look for an entry into this market we need to wait for price to trade higher into resistance.
This resistance could be the lows of 0.6400 which holds confluence with trend line resistance.
