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PRICE ACTION FOREX TRADING COURSE
The AUDUSD is currently consolidating in a trading range between 1.0000 and about 0.9675. We are likely to see more consolidation ahead of Tuesday’s U.S. mid-term elections and Wednesday’s U.S. Federal Reserve announcement regarding quantitative easing.
Typically, in these situations where we have a pause in a trend and the price action is sideways, we give favor to the previous trend, so in this case that would be up. However, it is best to wait for a break of consolidation to occur and then observe the strength of the breakout and wait for confirming price action setups before committing to any positions.
Intra-day Update:
The Reserve Bank of Australia lifted interest rates by .25% today, as you can see in the chart below the market has rallied strongly off this news. It looks like a break out of the top of this range is possible in the near future, this is a historic moment for the Australian dollar, further upside gains are likely in the near-future.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar rose today on the back of strong U.S. and Chinese manufacturing data and as investors wait for the U.S. mid-term elections on Tuesday and the Federal Reserve announcement Wednesday.
In recent weeks the U.S. dollar’s decline has slowed somewhat as traders reduce expectations about how aggressive the Fed might be and as bets against the greenback grew.
The dollar rose 0.2 percent against the yen to 80.59 and the euro fell 0.4 percent to the greenback down to 1.3882.
The Dow added 6.13 points, or 0.06 percent, the S&P 500 added 1.12 points, or 0.09 percent, and the Nasdaq lost 2.57 points, or 0.10 percent.
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