TODAY AUDUSD SIGNAL : AUDUSD Stengthens Over .7331 Weakens Under .7328.

TODAY AUDUSD SIGNAL : AUDUSD Stengthens Over .7331 Weakens Under .7328.

The Australian Dollar is trading at a four-month high Friday after recovering from an early setback. The catalyst behind the Aussie’s strength are the massive gains in commodity prices promised to shower the country in cash.

TODAY AUDUSD SIGNAL : Prices were pressured early in the session as demand for riskier assets dropped following reports that smoke was visible from a nuclear power plant in Ukraine – the largest in Europe – after Russian troops attacked. But those losses were later pared after the nuclear power plant’s director said the facility’s nuclear reactor is secured at the moment. Ukrainian authorities also posted a subsequent update that the fire had been put out.

The main trend is up according to the daily swing chart. A trade through the intraday high at .7363 will signal a resumption of the uptrend. A move through .7086 will change the main trend to down.

The minor trend is also up. A trade through .7095 will change the minor trend to down. This will shift momentum to the downside.

TODAY AUDUSD SIGNAL : The momentum could also shift to the downside if a closing price reversal top is formed and confirmed.

The main range is .7556 to .6967. The AUD/USD is currently trading on the strong side of its retracement zone at .7331 to .7261, making it support.

The short-term range is .6967 to .7363. Its retracement zone at .7165 to .7118 is the nearest support. This zone will move up as the AUD/USD moves higher.

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