FX Reversals: AUDUSD Support Update
Talking Points
-
AUDUSD
Moves to Support at .9431
- R3 Range Resistance Sits at .9476
- Price Under S4 Signals a Breakout to New Lows
AUDUSD
30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
The AUDUSD spent most of the overnight trading session reversing between key points of support and resistance. With price failing to break out below S4 pivot support, range traders will look to take advantage of
prices
reversals back into the defined trading range pictured above. Currently range support for the AUDUSD is found at .9431 as denoted by the S3 pivot point. With price above this pivot, range traders can consider new buy entries in anticipation of an early morning price
reversal
. Range resistance currently stands at the R3 camarilla pivot which can act as potential range targets near .9476.
Range reversal traders should always be cautioned of the potential for a
breakout
. A move below the S4 support line at .9409 would signal a short term move towards lower lows, and signal a change in current market conditions. At this point, range trading should be concluded and traders can consider entries with the markets new influenced direction.
Are you unfamiliar with
camarilla pivots
and trading intraday market reversals? Increase your trading education with ! You can continue learning and work on your trading education
HERE
.
Then, to practice setting up orders using Camarilla Pivots, register for a
FREE Forex demo with FXCM
. This way you can develop your scalping techniques while tracking the market in real time.
Click HERE to Register Now
—Written by Walker England, Trading Instructor
To contact Walker, email
. Follow me on Twitter @WEnglandFX.
To be added to Walker’s e-mail distribution list,
CLICK HERE
and enter in your email information.
Previous Market Setups:
FX Reversals: EURCAD Reaches Intraday Resistance
FX Reversals: NZDJPY Intraday Resistance
FX Reversals: EURCAD Resistance Update
FX Reversals: EURUSD Intraday Breakout
FX Reversals: EURAUD Breaks Support
