Hi, thanks for tuning in for today's update. Today we're looking at the AUDUSD as, despite Tuesday's crunching price, contuse to hold at a well-established demand and support area.
There are a few things happening with the AUDUSD atm. First, we can see firm support at the 6720 area. We can also see OBV presenting rough divergence, but it's not what you would call a classic example. Tuesday's sell-off could be an overreaction and possibly an exhaustion bar. For us, the case is rather simple. While the support area holds, we will look for buyers to continue to hold out and possibly set up a new move higher if they can gain momentum. A lot will come down to the USD for this to happen.
If price breaks support, we will look for further downside. A leading factor to watch out for today is US retail sales, and a hot figure could boost the USD as the market remains sensitive to inflation.
US retail sales data will be released today at 8:30 am EST.
As always, we like to hear back from the community. Please feel free to share your comments about the AUDUSD or the USD.
Have a great Thursday and good trading.
There are a few things happening with the AUDUSD atm. First, we can see firm support at the 6720 area. We can also see OBV presenting rough divergence, but it's not what you would call a classic example. Tuesday's sell-off could be an overreaction and possibly an exhaustion bar. For us, the case is rather simple. While the support area holds, we will look for buyers to continue to hold out and possibly set up a new move higher if they can gain momentum. A lot will come down to the USD for this to happen.
If price breaks support, we will look for further downside. A leading factor to watch out for today is US retail sales, and a hot figure could boost the USD as the market remains sensitive to inflation.
US retail sales data will be released today at 8:30 am EST.
As always, we like to hear back from the community. Please feel free to share your comments about the AUDUSD or the USD.
Have a great Thursday and good trading.