AudUsd is at a decent level of support and we can see some relief coming in on this pari following a strong bearish move. I would be conservative with targets due to it being a counter trend setup and a strong move.
AUD appears to be gaining a little strength, the housing crisis seems to be slowly repaiting its self which I have been tracking carefully. Price tested .68700 without too much trouble.
Looking for a re test of this zone with a 2nd potential target @ .69800 on the basis the trend is strong
Late entries- Best case look for a dip to the top of the 4 hour engulfing...
The lack of major developments surrounding the US-China trade conflict and the subdued trading action didn't allow the pair to make a decisive move in either direction following that drop, forcing it to move sideways near mid-0.67s. However a positive reports Australian Bureau of Statistics forecast today can attract buyers. FOMC members Barkin and Daly will speak later.
AUDUSD - Intraday - We look to Buy at 0.6745 (stop at 0.6715)
Posted Mixed Daily results for the last 7 days. RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending. Trading between support at 0.6745 and resistance at 0.6821. Preferred trade is to buy on dips. Price action is forming a bullish...