The Australian Dollar is trading higher on Wednesday after plunging more than 1% the previous session. The whipsaw trading action is being fueled by comments from President Trump. Late Tuesday, Trump surprised investors by calling off stimulus talks until after the November 3 presidential election. This triggered a steep sell-off in the Aussie as investors dumped riskier assets.
The Aussie is rebounding on Wednesday after the initial shock from the announcement eased when the U.S. President later asked Congress to extend $25 billion in new payroll assistance to U.S. passenger airlines.
President Trump on Tuesday night said he’s willing to pass several independent coronavirus relief measures – including a new round of stimulus checks – hours after pushing for a pause in negotiations on a new aid package.
Daily AUD/USD
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart. A trade through .7209 will change the main trend to up. A move through the intraday low will indicate the selling pressure is getting stronger. A trade through .7006 will reaffirm the downtrend.
The minor trend is down. It turned down on Tuesday, signaling a shift in momentum.
The major support is the retracement zone at .7095 to .7020. Buyers stepped in to stop the selling at .7096 early Wednesday.
The minor range is .7209 to .7096. Its 50% level is .7152. Traders are targeting this level on Wednesday.
The short-term range is .7414 to .7006. Its retracement zone at .7210 to .7258 is the primary upside target.
Daily Swing Chart Technical Forecast
The early price action suggests a rangebound trade if the AUD/USD remains inside a pair of 50% levels at .7095 and .7152.
Bullish Scenario
A sustained move over .7152 will indicate the buying is getting stronger. If this creates enough upside momentum then look for the rally to possibly extend into a resistance cluster at .7209 to .7210.
Bearish Scenario
The inability to overcome .7152 will signal the selling is getting stronger. This could lead to a retest of the main 50% level at .7095. This price is a potential trigger point for an acceleration to the downside with .7020 to .7006 the next likely downside target area. #AUD/USD##FX#
Reprinted from Fxempire，the copyright all reserved by the original author.
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