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Negative AUDUSD tone

 

Hi there traders, this is Steve Miley for forextraders.com and we’re now looking at the AUDUSD spot FX rate in here. And the market in here recovering strongly at the beginning of the week after this significant selloff and rebound at the end of last week and turn of the week. But the market unable to get above this resistance area here at 6795/99 which is dominated for the second half of August in here better resistance even up here at 6817 up to 6822 from the beginning of August.

So fading back from there from 6788 earlier this week and then after the last couple of days and overnight in here the market pushing lower taking out some minor support in here around 6743 down to 6731 this morning and then risk down to here at 6723 maybe towards low from the end of last week here at 6686 as we go into today and then maybe even down to 6673 and the cycle low from earlier in August as we go through into the second half of this week.

We’d already shifted to a more bearish tone with a break of this 6607 level on that spike lower at the end of last week. So intermediate term outlook still very negative in here having repeatedly failed from below this resistance up here and then on the short-term bias for today to the downside. This has been Steve Miley for forextraders.com and I wish you a great trading day.

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