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Screenshot of a breaking news alert e-mail from Q2 2017
AUDUSD – Aussie/dollar continues to trend lower
In our recent AUDUSD commentary, we discussed that we were looking to sell this pair on any short-term upward movements, whilst price was contained under 0.7611. This was after price had been falling / trending lower for several weeks and was remaining contained under key resistance levels. Price gave us an opportunity to sell early this week, as it popped higher before crashing lower again today, in-line with the bearish momentum. Due to the continued weakness in this market, as we can see in the chart below, we remain short-biased under 0.7611 overhead containment and will look to sell on any near-term upward movement.
NZDUSD – Kiwi/dollar sellers remain in control
The NZDUSD has been trending lower since early March and the recent price dynamics have shown no signs of changing this trend. Price has most recently been contained below key resistance up near 0.7060, and that is the level we are watching currently. Whilst below that level, we are watching any upward retraces (strength) for price action selling opportunities in order to get short (sell) in-line with the overall downtrend this Forex pair is in right now.
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.