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The AUDUSD price will be volatile this week as USD news and AUD news could swing the market either way. In this video we highlight the key levels and what to watch for trading opportunities.
Watch the video to learn more…
AUDUSD Analysis
The AUDUSD price is one to watch this week as the price consolidates after breaking through the major 0.7000 level. The pair is likely to be volatile this week as we have both USD and AUD news that could really affect how the currencies perform. The USD news consists of retail data and a Federal Reserve Chairman speech. This could see buyers return to the equity markets which often leads to a risk on market environment which would benefit the Australian Dollar. In other news Australian Parliamentary Elections continue which could add some volatility towards the end of the week.
Looking at the chart we can see that the previous week’s volume profile highlights some interesting levels to watch. The price has already traded from the previous high volume node area and the point of control. These areas could be used again this week, especially the point of control. If the price breaks the PoC higher and the price can remain above it we could look for long ideas back to the area value high or highs of the previous week.
Alternatively, the price could make another move lower depending on how the market takes the retail sales data. If the data misses expectations we could actually see a stronger USD as risk off would be more apparent. A break below the value area lows could offer short trading ideas.
Have you seen our week ahead analysis video yet? You can watch it here.
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