Key Trading Levels in Asia
It will likely be slim pickings in Asian trade today, with no key data due for release and light volumes.
It will likely be slim pickings in Asian trade today, with no key data due for release and light volumes.
That said, we are seeing some strength in the Asian pairs, which has been the case of recent times.
The risk-on feel has been very beneficial to both the Aussie and Kiwi in particular, which is also being helped by the softness in the USD.
Sentiment has really improved late in the year on the back of both the US-China trade deal and other global events such as Brexit. With both those key events adding to the sentiment.
In terms of central banks, both the RBA and RBNZ are a little unclear as to what might lie ahead and we will wait on more guidance as participants get back after the break.
AUD Levels
The AUD/USD is currently in breakout mode. Price has taken out the key 0.6900 level and is now charging higher.
The obvious stopping point is now likely to be the 0.7000 level. There is a fair bit of water to go under the bridge from the RBA in the coming month and it would be a shock to see a big break out without any real RBA news.
So I would expect price to ease back from this level, but a big test is possible.
NZD Levels
The NZD/USD is continuing to push higher and even today is up 0.25% or more.
The theme is similar here and I think price might slow down a touch around this 0.6700 level.
The type of trade I would wait for would be a double top type spot.
But that is a short-term trade and based purely on the lack of volume.
If this level holds up on the pullback, then a long position would also be a play to consider.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals