At 7:30pm we have the release of the Australian trade balance. The AUD/USD pair has continued to consolidate prior to the release. If the release is drastically lower than the forecasted value of 3.02 we should expect a movement downward as the beginning of November was the high for the month. Taking a Fib retracement from the October low to the October high, we have a major resistance point coming in at 23.6% retracement (1.04297). We also have the 200 and 100 Day Moving Averages that will play as resistance for any rallies that could be capped at. Be sure to use proper leverage as we will most likely to see price fluctuation at the release.
