To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=WKrsYH4smFo Moving over to the AUDUSD. Two boxes here on the chart that I think we want to focus in on. First is the blue box, where the market was in congestion between the purple, the orange, and the blue zone, and now we look to the right-hand side, the black box, and that’s exactly where we are right now. If we’re going to go lower, which it’s been bearish, let’s go ahead and zoom it in on this. It has been bearish the last three days. Today included, been bearish. If it’s going to go lower, what do we look for? We need to see it break through. 0.7585, 0.7600 is the purple-shaded area. You could see resistance on the left. The blue box: support. There’s some congestion and resistance here. So, it needs to break through that barrier, 0.7600, 0.7585 to go lower, and it hasn’t done that yet, especially here on the daily timeframe. Does that mean it’s just going to turn around and go back higher? I think we could watch for that, but I don’t think there’s a real evidence of it turning around and going higher. There’s clearly a bearish move here. Take it down to the four-hour timeframe. And again, there’s your bearish move. We do have some news from the RBA this week that could change everything, but at least for right now don’t go bearish inside the purple-shaded area. It will need to break through, and if it does break through 0.7585, we could look for the AUDUSD to go lower. Otherwise, support here. Some positive news for Australia from the RBA could send this back up into the 0.7600s or even towards the 0.7700-level once again for the AUDUSD, but clear area right here. 0.7600, down to 0.7585. Moving over to the NZDUSD. Similar, but not exactly the same, but I think we want to concentrate on the fact that we have been in an overall downtrend, the blue trend line. In fact, we’ve been trading that downtrend for the past week or so. Let’s go ahead and zoom it in here a couple of times. You could see today we are significantly underneath the 0.7000, or challenging underneath the 0.7000-level. The 0.7000-level is the bottom of the orange-shaded area. Let me pull this over a little bit. Let’s put an arrow in there. As long as it’s underneath 0.7000, we could be looking for the continuation lower into the mid-0.6900s, which is the pink zone. So, it’s not too far away before it runs into the pink zone, but underneath the pink-shaded area, we’d look for a continuation of the fall that we’ve seen for the past several days. Couple of weeks now staying right underneath that blue trend line. Back above the orange zone and back above the blue trend line, we could be looking for a turn back higher again into the upper-0.7000s or even towards 0.7100. A break of the 100-period moving average would change the direction for this pair. So, right now we’re predominantly bearish along the underneath side of that blue trend line. Continue to focus on that, but a break back above it and the orange zone, 0.7000, we could be looking for the market to turn back higher for the NZDUSD this week. https://www.youtube.com/watch?v=WKrsYH4smFo Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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