AUD/USD FOREX TIPS FOR DAY TRADERS

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forextips
156
forextips  
The downside in the AUD/USD pair following the release of the disappointing Australia capex figure has been capped by slightly dovish Fed minutes. The pair dropped to a low of 0.7665 before recovering to 0.7683 levels. AUD/USD pair was able to restrict losses to 0.7665 levels despite weak forward looking capex data.

The AUD has retained a bid tone for much of the session, since the RBA governor Lowe cast doubt on any further rate cuts, and since the release of the FOMC Minutes it has spiked to a new session high of 0.7715, currently trading nearby.

The short term momentum indicators beginning to point a little higher, so further gains, towards 0.7730/50 could be on the cards. 0.7750 should provide a strong cap, but if wrong look for a run towards the November high at 0.7777. On the downside, the initial support will again arrive at 0.7675/80 and then at 0.0.7650, below which could then see a move to 0.7635 and 0.7600/10 although this seems a little doubtful. Today will look to the CAPEX figures for direction and a positive figure could see the AUD test the major resistance levels.

Current exchange rate of AUD/USD pair is 0.7690.

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François*Thierry
135
François*Thierry  

Greetings,

AUD/USD - looks in the mid of choppy. Maybe long @ 0.7660/70 (if we see those levels) would allow tighter stops :)

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