AUSTRALIAN DOLLAR FUTURES HOURLY
AUDUSD has traded into former support at .7135 but respect potential for strength into .7190-.7220 before this rolls over. Again, the 9/9 low is .7190. VWAP from the high is currently .7220 and in line with the upper parallel of the short term bearish fork. A pullback into .7080/90 maybe in order before strength into .7190-.7220. I’m willing to buy that pullback and before flipping short at the noted higher zone. On spot (see below), the 200 period average on the 4 hour chart is currently .7230. I’ve shown a rolling monthly midpoint 2 charts down, which is currently .7190. Notice how AUDUSD has been riding this midpoint all year! Bottom line, the weight of evidence suggests that .7190-.7220 is a barrier to strength.
#australian#
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