AUD/USD - Support Levels To Buy - 11/28/2016
Updated
Unabated US Dollar march higher continues but there will be pockets of support and resistance for individual currency pairs where we can define the risk and trade it for few pips gain with probability in our favor. Yield advantage of Antipodean currencies is not going to go away overnight and that will keep supporting AUD/USD and NZD/USD during the drops.
Today we are looking for 0.7450 and 0.7400 to provide support during the bouts of US dollar strength. We don't know whether Australian dollar is going to reach 0.8000 or 0.7000 in coming days but only thing we can say is that, buying against above mentioned support levels puts odds in our faour to earn few pips today.
Today we are looking for 0.7450 and 0.7400 to provide support during the bouts of US dollar strength. We don't know whether Australian dollar is going to reach 0.8000 or 0.7000 in coming days but only thing we can say is that, buying against above mentioned support levels puts odds in our faour to earn few pips today.
Trade closed: target reached
Our 20 pip target has been reached. 20 pip is enough in this crazy market, isn't it? ;)On EUR side, a short trade is still in progress so let's see how deep that can go.
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