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Australian dollar's range for this week has been barely over 50 pips with the main action in other currencies. Nevertheless, narrow ranges are almost always followed with a breakout to the either side and FOMC meeting on Wednesday or Aussie labour force report on Thursday could be the catalysts.
The pair is trading near the trendline drawn off of 2001 and 2008 lows and just below 100 DMA. 50 DMA, approaching from above, is the next resistance. Stronger support is about 100 pips below and comprises of 2015 support/resistance line and 200 DMA.
The pair is trading near the trendline drawn off of 2001 and 2008 lows and just below 100 DMA. 50 DMA, approaching from above, is the next resistance. Stronger support is about 100 pips below and comprises of 2015 support/resistance line and 200 DMA.
