Today’s AUD/USD Signal
Risk 0.55%.
The AUS/USD continues rising and some correction is expected.
Yesterday’s deal was not activated and was cancelled after the price reached the goal before activating the buy signal.
Best Buying Entries:
Long pending entry from the 0.7478 support level on the 4 hours timeframe.
Put the stop loss below the 0.7430 support.
Move the stop loss to the entry point and continue profit with a 30 pips price movement.
Close half the contracts when the trade is 30 pips in profit and leave the remainder of the contracts to run until the strong resistance level at 0.7570.
Best Selling Entries:
Short entry below the 0.7577 and 0.7607 resistance levels on the 4 hours timeframe.
Put the stop loss above the 0.7620 level.
Move the stop loss to entry point and continue profit with a 30 pips price movement.
Close half the contracts when the trade is 40 pips in profit and leave the remainder of the contracts to run until the 0.7478 support.
AUD/USD Analysis
The AUD/USD pair has reached its highest level in two years. Over the last year, the Australian dollar rose more than seven percent against the US dollar.
The focus of traders today will be on the US stimulus news, which is expected to have a significant impact on the pair’s movement upon approving the stimulus that would weaken the dollar and thus contribute to the further rise of the Australian dollar. The US Dollar Index has declined by 6 percent this year against the major global currencies, with the index starting this week down 0.3 percent.
The AUD/USD pair is continuing in a general bullish trend, as the pair is currently trading inside at 0.7562 levels near strong resistance levels concentrated at 0.7577 and 0.7606 levels, respectively, on the 240-minute time frame. We expect the pair to witness some correction when reaching to the above mentioned resistance points, with the possibility to buy back as the pair reaches the 0.7478 level.
We expect the pair to start losing bullish momentum from the current levels or from the strong resistance levels mentioned in the recommendation.
