AUD/USD Setting Itself Up for Another Buy Signal
Our AUD/USD signal finally reached the take profit target this morning. We had a difficult time with it, particularly yesterday morning as this pair dipped to the 100 smooth MA (red) on the H1 chart. But eventually, the price reversed back up in the afternoon, while this morning we saw another jump, which took us past the TP level.
In the last few hours though, AUD/USD has been retracing lower. This pair has lost around 50 pips coming down from the highs and it is now facing the other 100 SMA, the simple one (green).
The retrace down seems compete now
This moving average has provided some mild support previously as we can see form the H1 chart. AUD/USD is not exactly storming through this moving average now, so it seems that the 100 SMA is providing support again.
The stochastic indicator is also oversold on this timeframe chart which means that the pullback is complete. The same situation is in NZD/USD and USD/CAD, but the other two commodity Dollars have turned pretty bearish in the last 24 hours. AUD/USD is still bullish since it made new highs today, so if I buy any of the commodity currencies, it is going to be AUD/USD.
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