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Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.
By: Colin Jessup
The AUD/USD is trying its best to remain bullish after the open on Monday, but will news out of the USA this week put a stop the the gains? Price has opened above the 62 EMA after producing a 175 pip bullish engulfing candle on Friday, but we have a descending trend-line intersecting with the 61.8% retracement level at about 1.0630 and the pair will also encounter heavy resistance at 1.0690. If it can hold above this level we could see 1.0800 again in the near future. If price falls back we will see support at 1.0525 and 1.0410. We are entering the same sideways zone that the Pacific Peso was stuck in from May through most of June between 1.0560 & 1.0720 which could also slow its progress. If we break abover 1.0720 look for the pair to hit 1.0900 not long after.
This will be a rather busy week for news with the Consumer Price Index and FOMC minutes being released within 4 hours of each other. We also have New Home Sales & Building Approvals numbers from the land down under and Unemployment numbers from Japan. China's slowdown may also contribute to a softer Aussie in the coming days as exports may drop.
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About Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.
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