AUDUSD Forex Signal: Bullish on Risk-On Sentiment forexsignals
I wrote last Tuesday that the price was established in a consolidation pattern above 0.7083. I thought this support level looked likely to be strong as the US Dollar Index was running into resistance at the same equivalent area, so I saw more potential on the upside here.this pair has been a centre of focus for the Forex market in recent days as risk sentiment has risen
, with the Australian Dollar the primary beneficiary as a key risk barometer currency, while the US Dollar has been selling off along with the Japanese Yen, although the Japanese Yen is weaker than the Dollar. Yesterday’s risk rally therefore pushed up the price, which seems to be peaking quite close to the key resistance level I have identified at 0.7271.
The technical picture is bullish, but unfortunately, there are no obvious support levels above 0.7123 which is very unlikely to be reached today, and I only want to take a long trade today so I think it may be best to stand aside from trading this currency pair today. If we see a consolidation continue below 0.7271 and risk sentiment begin to sour on bad news, there may be scope to take a short trade from a bearish reversal at 0.7271 tomorrow or later this week.Top Forex Brokers
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