There could be an opportunity for a technical play on AUDUSD for the Monday, 22 Jan.
AUDUSD is approaching support level 0.7965 and has been moving across for a week. Could we finally be seeing AUD weakness?
No FX news on Monday though, so I'm not expecting wild moves.
Risks:
- Overall trend is up, so this is countertrend.
- Could be affected by the US Gov shutdown in the background. For all we know, Monday could begin with USD weakness.
- Could bounce off support level 0.7965 again -- I will look for a lower close than previous closes.
If AUDUSD closes below support level 0.7965, around 0.7935 (lower than previous lows near support), it could make a sell trade possible.
AUDUSD is approaching support level 0.7965 and has been moving across for a week. Could we finally be seeing AUD weakness?
No FX news on Monday though, so I'm not expecting wild moves.
Risks:
- Overall trend is up, so this is countertrend.
- Could be affected by the US Gov shutdown in the background. For all we know, Monday could begin with USD weakness.
- Could bounce off support level 0.7965 again -- I will look for a lower close than previous closes.
If AUDUSD closes below support level 0.7965, around 0.7935 (lower than previous lows near support), it could make a sell trade possible.