A while ago, we opened a buy forex signal in AUD/USD. If you look at the comments box, I wrote a line saying that the 50 simple moving average (50 SMA) on the H1 forex chart is providing solid support.
But that´s not the main reason why we opened the AUD/USD signal. It´s true that moving averages are very strong technical indicators and, right now, the price has just moved above the 100 SMA in green as you can see from the AUD/USD chart below.
The stochastic indicator was heading up as well when we opened this signal, but that´s not the main reason either.
This pair slipped 10 pips lower while I was writing this update but our signal still looks good.
The main reason is price action. Looking at the AUD/USD chart, we see that this forex pair has little change since the Asian markets opened. Compared to the other major forex pairs, the Aussie seems to be the most resilient major currency.
So when this morning USD retrace is over, AUD/USD will be the most likely pair to jump higher. The caveat now is whether the USD retrace will be over soon or continue and turn into a USD uptrend.
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