As we mentioned in one of our updates today, our AUD/USD signal closed in profit this morning during a small surge in this forex pair which had started during the night. The forex market was relieved that the Australian economic data wasn´t any worse.
So, the Aussie has been in demand since then and probably the strongest major currency after the Yen today. Since then, this pair has gone through a retracement period in the last few hours, but it looks like the retrace down is over.
The H1 chart looks good for our signal
The H1 forex chart is already oversold. with stochastic at the bottom of the window and RSI slowly getting there. So, we decided to pull the trigger again and open another short term forex signal here.
That said, the H4 chart is still heading down, but at least the price is at the 50 SMA in yellow right now, which is providing some sort of support.
The H4 chart looks a bit mixed
About 20 pips lower we can find the 100 SMA in green. That was the saviour of our first signal yesterday, so hopefully, it will come again to our rescue in case the bears take the upper hand. I´m still counting on the hourly chart though, so fingers crossed.