Aussie Pressuring Major Resistance: $AUDUSD AUDUSD forextrading forex forextrader
Enter your emailLook at this as a potential “buy on the dip” situation now that we are starting to clear so much in the way of downward pressure.
The Australian dollar has rallied significantly during the trading session on Thursday to pressure a major selloff level that has been crucial more than once for the market. Because of this, I think it’s setting up for a very noisy Friday. It will be interesting to see whether or not we can continue to go higher, or if we sell-off in some type of concern. The job number will throw chaos into the market as per usual, and now it looks like we are at such a crucial level that this could be quite pronounced.With this in mind, if we can break out to the upside it could open up the possibility of a move to the 0.
On the downside, the 0.7150 level is going to be significant support, so if we were to break down below that level it would be extraordinarily negative for the Australian dollar. I think at this point, it’s anybody’s guess as to how the markets cannot behave after the jobs figure, as I think if you are trying to put on trade ahead of time, you are going to be gambling.
The markets will remain volatile, but I look at this as a potential “buy on the dip” situation now that we are starting to clear so much in the way of downward pressure.
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