AUDUSD Sellers To Target 0.6575 ?
Tues 23rd May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- NZDJPY (Covered In Video)
- USDJPY (Covered In Video)
Primary Focus Pair: Overview
AUDUSD
AUDUSD has returned to our currency strength vs weakness tables, offering us another opportunity to short the forex pair.
We last featured AUDUSD short on Wednesday 17th May, as we expected price to trade to support of 0.6575.
We initially got short around 0.6700 profiting around 90 pips, before AUD fell away from the tables.
However, it is now back offering potential ideas to short again.
Price has not retested support of 0.6575 as of yet, which means we can still look to target this zone.
If price were to trade through this level, then sellers could look to target the next point of interest which would be 0.6575.
Taking a look at the H1 trading time frame, we can see price has formed a high around 0.6650.
This level could act as resistance again, if price were to retest and form a false breakout pattern.
Alternatively, we can keep our eye on price to see if it forms a consolidation pattern, which would offer us a breakout trading opportunity.
Technical Observations:
- AUD is W3 and USD is S2.
- Price is heading towards the range lows at 0.6575.
- If price pulls back on the H1 chart to minor resistance high around 0.6650, we can look for selling opportunities.
- If price trades through 0.6575, sellers could target 0.6525.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
