Lately, we have often mentioned that the commodity currencies are enjoying a decent run higher against the USD. The run accelerated over the end of last week and the first half of this week, with AUD/USD gaining nearly 300 pips during this time.
But, in the last couple of days, we have seen some sort of retracement take place, particularly in the Aussie. The stochastic indicator is almost oversold on the H4 chart, while the H1 chart is severely oversold.
Speaking of the hourly chart, the price is sitting just above the 100 moving average, which is giving the buyers some confidence.
We dipped to 0.7520 a few minutes ago, but we´re moving back now. This used to be a strong resistance level, which has now turned into a support.
The support is doing its job well
So, all the technical indicators are pointing upward, and we pulled the trigger on this trade a while ago. We opened a short term forex signal at 0.7522. Let´s hope the bulls take us higher before the day draws to an end, so we can close the week with a few winning signals.
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