U.S. Election Day 2016: A Look At AUD/USD

Let’s take a look back at AUD/USD and the current state of play in the pair.

Now if you’re a reader of this blog, you’d know our long-term bias toward Aussie longs into the still possibly distant FOMC rate hike decision. We’ve been going on about it for what seems like forever, all based off first of all, the technical bounce off weekly support in our May AUD/USD view here:

AUD/USD Weekly:

AUD/USD Weekly Chart

Then once that higher time frame level held, looking for a daily breakout, highlighted in our September AUD/USD view.

AUD/USD Daily:

AUD/USD Daily Chart

One indication of the volatility we’re likely to see today once some of the first vote counts start trickling through, is the vertical rally we’re seeing in risk currencies such as the Aussie dollar. All before things have even started to be properly counted.

The more hawkish than expected November RBA statement has seen the AUD/USD break out of the daily triangle we have been watching and the early Clinton lead looks set to give it the momentum to hold.

AUD/USD Daily:

AUD/USD Daily Chart 2

Finally zooming into the intra-day charts, these are the sorts of lower time frame pullbacks to look out for entries within, offering excellent risk:reward.

AUD/USD 15 Minute:

AUD/USD 15 Minute Chart

Once again, DO NOT ruin your trading year by forcing yourself to be in the market when you know you don’t have to.

Good luck…

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