The aussie is once again feeling out the support tech
AUDUSD is one pair I've been keeping a close eye on lately. Last Thursday I noted a very decent amount of tech in the low 0.7500 area, and the pair is looking like it wants to test it out.
Last week the support picture looked like this;
- Supp 0.7540/45
- 200 dma 0.7521
- 38.2 fib of the Dec swing up 0.7517
- 100 dma 0.7515 & old S&R
- 55 wma 0.7501
- 55 dma 0.7493
- Prior S&R level 0.7491
This week it looks like this;
- Supp 0.7540/45
- 200 dma 0.7529
- 38.2 fib of the Dec swing up 0.7517
- 100 dma 0.7514 & old S&R
- 55 wma 0.7509
- 55 dma 0.7513
- Prior S&R level 0.7491
AUDUSD daily chart
Not a massive change anywhere but the tech is slowly moving up towards the current price. As I type, we're once again feeling out the 0.7540 area and sellers are trying to push it through. We've already broken last week's low so the sellers are starting to win.
AUDUSD H1 chart
I still very much like the tech support down here for a long as it's unusual to get so much in such a small space. The risk to the trade is that it's walking into USD wind. They say the trend is your friend but if you ever want to fight a trend, if only in the short term, then use the tech as your friend rather than throwing your money into the wind on a whim.
I'm seeing a pretty low risk trade here, splitting up buying against the 200 dma, 0.7520 and 0.7505/10, with a stop under 0.7490.
