The analysis of high-frequency Fx trading algorithms today shows us that the AUDUSD has stopped its recent advance and is in consolidation mode for the current session.
The price has been moving almost completely horizontally between the first HFT zones identified for today's session. The two HFT zones are located at the following levels:
- the light HFT selling pressure zone at 0.7603 and above
- the light HFT buying pressure zone at 0.7541 and below
Fx traders will be looking for potential trading opportunities at one of these HFT areas. Considering that the predominant trend on higher timeframes (i.e. 4H and daily) is now bearish, traders may favour short setups near the HFT sell zone in AUDUSD today.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)