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AUD/USD Creeps Closer to Our TP Target

Another major forex pair, another buy forex signal for us. We have had mainly buy fx signals today, as opposed to our usual sell signals. With the USD being down for about a year, my predection of it is bullish, hence our sell trades of the EUR/USD, AUD/USD, NZD/USD and GBP/USD.

We have shifted to longs in the last couple of weeks since the Buck couldn’t keep its head up during this time. Therefore, we went long on the AUD/USD yesterday, as opposed to the short trades that we usually make.

We opened this forex signal when the price was becoming lower yesterday. It was flirting with the 50 SMA, which had been a support throughout last week. We believed that it was going to do the same this time around. The 50 SMA held the price up for a while, but at some point it let go. It broke for a few hours during the night, but the 20 SMA on the H4 chart came to our rescue (not that our SL was threatened.)

The moving average provided solid support overnight, and it scared sellers away. This forex pair reversed and it has kept a steady climb ever since. The Kiwi has been having difficulties climbing higher in the last several hour,. While the Euro and the GBP have lost some considerable ground.

On the other hand, the Aussie is not showing signs of weakness and it marches forward, slowly but steadily. This is a positive sign for us, since we are long on this pair. Given this sort of price action, I can assume that when the Euro, GBP and NZD turn higher, AUD/USD will climb and reach take profit. We’re only 10 pips away from the take profit currently.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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