The 0.6926 is holding as support.
May that it seemed clear that the support level at 0.7082 was going to be the day’s pivotal point. I thought that if 0.7082 held as support, we would probably see the price rise over the short term. This was the good call and could have been used as the basis for a profitable day or swing trade.
The price has moved quite strongly lower over the past week, as risk-off sentiment accelerates, and the US Dollar continues to advance to new long-term highs. The Australian Dollar tends to function as a risk barometer, falling when risk-off sentiment increases. Yesterday’s strong risk-off move pushed the price down to a. However, the price has rebounded from there in recent hours.
Despite this rebound, there is still a lot of bearish weight likely here, and I see the next key development to watch for now as whether the big round number at 0.7000 will hold as resistanceThe 0.7000 level could be a very attractive area for new short tradesI will be happy to enter a short trade from a bearish reversal at 0.6996 especially if 0.7000 is rejected.
I will still take short setups from the two higher resistance levels identified above, but with less confidence and so a smaller position size.
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