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Recently, the price action in the AUDUSD has been quite weak (bearish), so we are taking a bearish / sell bias under 0.7611 resistance, which is now a strong containment level for this market. Longer-term we see major resistance up near 0.7750; a level that price has been contained under since last year. The AUDUSD has been working its way lower over the last month after hitting that key 0.7750 level and it continues to sell-off after each attempt at a rally. Prices have pierced the 0.7472 level (recent swing low) this week and the market remains very weak. Whilst price is held under 0.7611 resistance, we will look to be sellers of the AUDUSD on any strength in price, with initial downside targets near 0.7420 – 0.7450.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.