Pattern – Range /Distribution? Support – .6287 Resistance – .6520
Hi, and thanks for checking out today's update. Today, we are looking at the AUDUSD on the daily chart.
Today, we have run over the AUDUSD as price continues to test resistance after Friday's fantastic rally after US employment data sunk the USD.
Technically price looks good. We have run over price action we want to see to show a continuation in the AUDUSD. Two factors are the USD strength and the RBA rate decision. Rates are expected to rise tomorrow, but will this be it, or will the door be left open? The USD momentum change is another key. If this trend continues, we will look for the AUDUSD to contnue its current trend. We do want to see a new higher low to show a solid trend structure.