Currently, we have a live forex signal on AUD/USD, opened last week. The pair has been following a steady uptrend since early December, when the US Dollar began the downtrend and moving averages have helped.

For most forex major pairs, it’s been one-way traffic since then. During this time, waiting for pullbacks lower and then buying the dips has proved to be a great strategy, which is exactly why we executed it last week, going long on this pair once AUD/USD had retraced lower. If we had waited slightly longer, we may have gotten a better price lower, however, the uptrend picked up considerable pace on Friday morning, and as a result, we made the decision to buy at the 20 SMA (grey) on the hourly chart.

The 100 SMA has been providing support on the H1 chart

The 100 SMA has been keeping the uptrend in place on this timeframe chart. We can see that this moving average had been providing support on pullbacks on Thursday morning, as well as on Friday of last week.

On the H4 chart, is the 20 SMA doing the job

The price dipped early today,  and once again, the 100 SMA provided support, standing at 0.7980 at the time, a level at which the 20 SMA stands on the H4 chart.

These two moving averages provided support on the dip this morning, reversing the price higher once more. This forex pair currently stands above 0.80 again, so for the moment, it seems as though we’re heading in the right direction. Let’s see if the uptrend continues into today.