Forex Report AUD/USD 1st February 2016

AUD/ USD Primary & Weekly Cycles

 

The price of the Australian dollar didn't hit the major support zones in January around the 2016 lows.

 

The AUD may have another go in February, as the new 50% level pushes the AUD back into those levels, however it won't surprise me to see and move back towards the 3-month highs in February.

 

Trade on the side of the February 50% level @.7098.

Forex Report AUD/USD 16th January 2016

AUD/USD Primary Cycles

 

the AUD is heading lower as part of the Primary Cycles for 2016, with 3 areas that will provide some resistance (Previous Report)

 

Sadly, the AUD didn't reach those resistance areas, and now looks to be completing the move down into the 2016 lows earlier than expected.

 

These lows are seen as Major Support in 2016, especially if it reaches .6703.

 

However, there's a breakout of the January lows @ .7043 that's likely going to form resistance for the rest of the month.

 

 Any long term buying support in the AUD will probably move into another stalled movement because of this, however we can reassess the price action at the start of February.

AUD/USD Forex Report 1st January 2016

Primary Cycles

 

The start of the new year brings in the new Primary Cycles for 2016.

 

I've always had the view that the AUD will try and rise upwards before it continues its next leg downward into the 2016 lows

 

 

There are 3 Short zones that can provide the areas of resistance.

 

January highs @ .7412.

2016 50% level @ .7482

2015 level @ .7567 

 

Each of those levels will provide areas of resistance, but it would not surprise me to see the AUD actually push as high as .7567, because I always look for trends to re-test the previous breakout zones.

 

In conclusion:- the AUD is heading lower as part of the Primary Cycles for 2016, with 3 areas that will provide some resistance, as the AUD trends down towards  .6800/ .6644 BUY Zone