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AUDUSD & USD Basket Outlook

AUDUSD and US Dollar Basket

The AUDUSD pair has been under pressure over the last few days but has managed to find support at 0.7203 ahead of the important 0.7200 level. The price has now moved back above 0.7250 as the AUD finds some strength and the USD unwinds. Should price fall under 0.7200 the 0.7000 level becomes a target for short sellers.

Resistance for the pair can be seen at 0.7289 today with a break higher having the potential to take on the 0.7360 area. This would require a break out above 0.7300 and a move against 0.7320. The 0.7347 level is an area of interest for traders as a lower low before the break down. Should price manage to exceed its target the 0.7383 level comes into the frame ahead of 0.7400. A break higher would focus on 0.7460.

 

 

US Dollar Basket

The USD has found resistance against the 9662.00 level and has retraced back to 9598.50 over the last couple of days. The Point of control comes in at 9580.00 and a loss below this level can see a deeper retracement develop. For now the drop is mild and a rebound higher can look for the 9700.00 level followed by 9750.00.

Support on the chart is coming in around 9521.00 ahead of the 9500.00 area. A break under this area means the price has re-entered the zone of consolidation from the last eight weeks. Former resistance turned support is found at 9460.00 and this provides one of the main points of support on the chart. A loss of this area can result in a retest of the trend line at 9440.00 and this would result in a significant weakening of the US Dollar with a swing low at 9375.50.

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