AUDUSD Intraday Uptrend Intact, Caution Around 0.9160
AUD/USD is trading in an Up-Channel Intraday, currently hovering around 0.9100 key level.
0.9160 is the level to watch out for today, not only its the upper range of the channel the pair is in, it is also within range to the first Pivot Level Resistance for today.
A resistance trendline on the daily chart also points to the 0.9160 area as potential resistance level. A clear cut above 0.9160 on the daily time frame could see the pair retrace further towards 0.93 and 0.94.
I’m expecting sellers to come into the market around 0.9160-0.9165 today, pressuring the pair back down to 0.9050 – 0.9060 where the daily pivot level is located.
One other thing to note is the range of support/resistance from the daily pivots has widened significantly, which is a sign that this Friday could be quite volatile for the pair.
Ultimately though the recent move up still falls under the retracement category. Daily chart indicates that the larger trend remains to the downside, but currently easing off the oversold conditions. Ichimoku Cloud resistance for the pair in the coming days is between 0.9170 – 0.9400.
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