Aussie goes higher on positive news from China?
Uncle Sam has another batch of high-quality reports scheduled for today, so I'm keeping a close eye on this currency pair.
On its short-term chart, the AUD/USD has been cruising higher, with rising lows connected by an ascending trend line. If the US reports cause volatility, another pullback to this support zone is possible.
The Fib retracement tool indicates potential buyer locations, with the 50% level right around the trend line, former resistance zone, and.6450 minor psychological mark.
A larger correction may still test the 61.8% Fib at.6447, but a break below this level may trigger a drop to the next floor at S1 (.6420).
A shallow pullback, on the other hand, could already find buyers at the 38.2% level near R1 (.6460), sending AUD/USD up to the swing high or the next upside barrier at R2 (.6480).
In any case, keep the average AUD/USD volatility in mind when trading this one!
On its short-term chart, the AUD/USD has been cruising higher, with rising lows connected by an ascending trend line. If the US reports cause volatility, another pullback to this support zone is possible.
The Fib retracement tool indicates potential buyer locations, with the 50% level right around the trend line, former resistance zone, and.6450 minor psychological mark.
A larger correction may still test the 61.8% Fib at.6447, but a break below this level may trigger a drop to the next floor at S1 (.6420).
A shallow pullback, on the other hand, could already find buyers at the 38.2% level near R1 (.6460), sending AUD/USD up to the swing high or the next upside barrier at R2 (.6480).
In any case, keep the average AUD/USD volatility in mind when trading this one!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.