AUD/USD Intraday Retest of Previous Support as Resistance

Good afternoon traders,

We stay close to home today, with a look at how the Aussie Dollar is trading against the Greenback.

AUD/USD Daily:

Click on chart to see a larger view.

The AUD/USD daily chart has hit major psychological resistance and price has been rejected pretty convincingly.

As you can see, price is just now starting to clear the most recent minor swing lows around the 0.78730 area. This level now becomes key.

AUD/USD Hourly:

Click on chart to see a larger view.

Zooming into the hourly to take a look at the intraday price action, you can see the previous minor swing lows have now broken.

The key to this level will now be if price comes up to retest previous support this time as resistance.

It could be a nice area to build a short position if you believe that the higher time frame psychological level has held and that the bears are now fully in control of the market.

Best of probabilities to you!

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Source: Vantage FX Blog