AUD/USD technical outlook and review...
The Aussie market traded flat on Monday, with China and the US both on vacation. As you can see, though, the unit refused to give up the 0.79 handle, despite several breaches prior.
On the bigger picture, the commodity currency is seen standing tall off the 2018 yearly opening level at 0.7801. Sustained upside from this point may eventually pull the unit back up to the weekly resistance level pegged at 0.8065. The story on the daily timeframe, however, reveals that price is establishing a topside base around a daily resistance area drawn from 0.7986-0.7951.
Potential trading zones:
Similar to Monday’s report, the pair is still not really offering much to shout about in terms of trading opportunities.
A long from the 0.79 handle (or even the H4 broken Quasimodo line seen just below at 0.7876/50.0% support at 0.7873) is overshadowed by the current daily resistance area, despite backing from weekly structure.
Selling this market is also just as challenging given the collection of noted H4 supports in view!
On account of the above, opting to stand on the sidelines for the time being may be a path to consider.
Data points to consider: No high-impacting news events on the docket.
On the bigger picture, the commodity currency is seen standing tall off the 2018 yearly opening level at 0.7801. Sustained upside from this point may eventually pull the unit back up to the weekly resistance level pegged at 0.8065. The story on the daily timeframe, however, reveals that price is establishing a topside base around a daily resistance area drawn from 0.7986-0.7951.
Potential trading zones:
Similar to Monday’s report, the pair is still not really offering much to shout about in terms of trading opportunities.
A long from the 0.79 handle (or even the H4 broken Quasimodo line seen just below at 0.7876/50.0% support at 0.7873) is overshadowed by the current daily resistance area, despite backing from weekly structure.
Selling this market is also just as challenging given the collection of noted H4 supports in view!
On account of the above, opting to stand on the sidelines for the time being may be a path to consider.
Data points to consider: No high-impacting news events on the docket.
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