AUDUSD is playing nicely with the tech...for now?
The aussie has bounced nicely from support around 0.7490 after the Friday and today's drop. 0.7500 put up a bit of a fight but the support further down around 0.7490 (including the 100 dma at 0.74876) has helped cushion the area, and has told break traders that they've got a lot more work to do to get the price below.
AUDUSD H4 chart
So far the bounce hasn't been that strong so there's still a risk that the downside does break. Just below 0.7540 is where we're finding resistance right now.
Considering the types of, and reasons for, moves today, it's probably no surprise that the bigger levels are holding up. Right now the 0.7485/90 area is the downside level to break, and 0.7540/45 is the upside. If you're long from 0.7500 you'll be wanting to see 0.7500 holding now. If you're short, you'll want it to stay below 0.7550 at least.
Two numbers, one of two outcomes possible. Trading gets no simpler than that.
Apols for the missing text first time around.
