AUDUSD Finds a Friend at 0.75 – Market Update

ASX200

The ASX200 index has made another couple of runs at the key 6000 level this week only to be turned away again.   The positive is that it is currently trading higher than where it started this year and has experienced a solid last couple of months.

The all time highs this week:

  • ADELAIDE BRIGHTON  ORDINARY
  • ARB CORPORATION.  ORDINARY
  • AUSNET SERVICES LTD  ORDINARY
  • CREDIT CORP GROUP  ORDINARY
  • DATA#3 LIMITED  ORDINARY
  • DICKER DATA LIMITED  ORDINARY
  • FSA GROUP LIMITED  ORDINARY
  • HUB24 LTD  ORDINARY
  • LOVISA HOLDINGS LTD  ORDINARY
  • NEWS CORP..  B VOTING CDI
  • OBJECTIVE CORP  ORDINARY
  • RESMED INC  CDI  10:1 FOR. EXEMP
  • RURAL FUNDS GROUP  STAPLED
  • SCA PROPERTY GROUP  STAPLED SECURITIES
  • SPEEDCAST INT LTD  ORDINARY
  • STEADFAST GROUP LTD  ORDINARY
  • TREASURY WINE ESTATE  ORDINARY

… with Sky Network (ASX Code: SKT) the only all time low this week.

Daily chart of S&P/ASX200 Index | Image from MetaStock

AUD/USD

The last few months have seen the AUDUSD decline considerably from above 0.80 to it present trading levels right above 0.75.

In the last week it rallied higher to a three week high above 0.7650 before forming a classic pin bar reversal pattern and heading lower to a new six month low around 0.75.   As I have mentioned previously, the 0.75 level is the next most likely support as it has supported the Australian dollar numerous times during this year.

As I type this, it is currently trading around 0.7508.

Daily chart of AUDUSD | Image from MetaStock

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Stuart McPhee
Stuart McPhee

Australian private trader for nearly 20 years, author, trading coach, licensed adviser and regular speaker at major trading events all around the world. Graduate of RMC Duntroon and former Australian Army Officer.