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AUDUSD Retraces to Resistance
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Talking Points
The AUDUSD attempts both bullish and bearish breakouts
Today’s range measures 36 pips
S4 breakouts begin above .7048
AUDUSD 30Minute Chart
(Created using Trading View Charts)
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Trading has been mixed on the AUDUSD today, with prices challenging both values of support and resistance. The pair first dipped overnight, below its S4 Camarilla pivot at .6977. Price action soon recovered however, moving back inside of today’s 36 pip trading range. The range, identified in the graph above, begins at the S3 pivot found at .6994 and concludes at the R3 pivot at .7030. A move inside of the range nullified the first attempted breakout, and has signaled a change in market conditions for the day.
Shortly after moving through today’s trading range, price completed a bullish breakout above the R4 pivot found at .7048. From this point, prices have advanced as much as 44 pips to the standing daily high at.7092.Looking at current price action, the AUDUSD has retraced off its highs back to today’s R4 pivot. If prices remain supported above this area, it can allow traders an opportunity to take advantage of fresh bullish momentum. First targets above R4 include a 1x extension of today’s range at .7084. It should be noted, that any bullish bias would at least be temporarily invalidated with a price drop below .7030, back inside of the previously mentioned trading range.
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---Written by Walker England, Trading Instructor
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