AUDUSD Update: Pressure on the Upside!
This is a technical analysis to note key institutional levels, not a trade recommendation.
Firm low at .7494 has brought in further buying in this everlasting uptrend.
The .7494 level now acts as key institutional support, only a swift break below it will ease the upside pressure.
Until then pressure remains to the upside and higher pricing is likely.
Upside targets at first key institutional resistance at .763 and second at .77.
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
Firm low at .7494 has brought in further buying in this everlasting uptrend.
The .7494 level now acts as key institutional support, only a swift break below it will ease the upside pressure.
Until then pressure remains to the upside and higher pricing is likely.
Upside targets at first key institutional resistance at .763 and second at .77.
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
