Current Price: 0.6245
The Australian dollar futures market, particularly the AUDUSD pair, is showing signs of a continued upward reversal. This Aussie dollar strength is driven by bullish momentum, with the potential for retracements to critical support levels, offering strategic opportunities for long positions. Traders analyzing Australian dollar futures should pay close attention to the following areas in this price prediction:
0.62395 – Today’s developing Value Area High (VAH).
0.62330 – Today’s developing VWAP and the VAH of the previous three days.
Stop Placement Options:
Wider Stops: At 0.62195 or 0.62210 (current and yesterday’s VAH), providing more room for price fluctuation and accommodating a longer-term view.
0.62600 – A strong price magnet for bulls in Australian dollar futures, attracting liquidity and likely triggering short stops above this level.
0.63160 – December 18th’s POC, a longer-term bullish target that may not be reached today but remains in play for the week.
Critical Level: A break below 0.62090 (yesterday’s Value Area Low) would signal bearish control in the Australian dollar futures market.
0.61930 – A near-term bearish target for the AUDUSD.
Trading Recommendations for Australian Dollar Futures
Consider long positions near 0.62330 or 0.62395 with tight or moderate stops, depending on your risk appetite.
Bearish Setup:
Final Thoughts on Australian Dollar Futures
The Australian dollar futures market is presenting clear levels of interest for both bulls and bears. While the bullish bias is currently dominant, retracements to key support levels may offer attractive entry points in AUDUSD. Use the outlined price levels as guides and junctions to anticipate strong price reactions. This analysis of Australian dollar futures emphasizes the importance of managing risk and conducting thorough research in your price prediction strategies. Whether trading AUDUSD short-term or long-term, these levels provide valuable insights for market participants. Visit ForexLive.com for additional views.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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