Forex Technical Analysis, AUD/USD Daily Forecast June 8, 2016


Forex Technical Analysis, AUD/USD Daily Forecast June 8, 2016

Technical Analysis – The AUD/USD pair broke higher during the day on Tuesday, as we have cleared the 0.74 level. At this point in time, it looks as if the market is ready to go much higher and challenge the 0.75 level. If we get above there, becomes more of a “buy-and-hold” type of situation although there is quite a bit of noise above. Pullbacks should be well supported, and as a result I have no interest in selling this market until we get below the 0.73 level, which looks very unlikely at this point in time.

In Other View Point – AUD/USD.

Price is currently hovering above my daily 38.2% fib level. I will be hoping for a close above this level for a good opportunity to long this pair. If not then price could drop to my daily pivot ultimately giving me a better price to long this pair. AUD cash rate and Rate statement that was released yesterday caused AUD to rally. Giving this pair a bullish bias On the other hand NFP for the US last Friday was particularly disappointing as it came out 38k vs 159k which is very dovish for this pair and signals a US weakness that could still be in play throughout this week.

Technical Analysis

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