AUD/USD Trade in Profit – Quick Update - Forex News by FX Leaders

AUD/USD Trade in Profit – Quick Update

Posted Tuesday, April 2, 2019 by
Arslan Butt • 1 min read

The Australian dollar succumbed after the country’s central bank kept rates steady at its April meeting. The Reserve Bank of Australia held its cash rate at 1.5% over slowing economic growth.

Philip Lowe, governor of the RBA, stated: “The low level of interest rates is continuing to strengthen the Australian economy. Further growth in diminishing unemployment and having inflation return to target is expected, although this progress is likely to be gradual.”

In response, the Australian dollar fell as much as 0.5% to $0.7069 following the decision. There was an excellent double bottom level supporting the AUD/USD pair around $0.7065. That’s where we jumped into the buying trade.

At the moment, AUD/USD is bouncing off above our entry price $0.7065, making a sound bullish move towards our take profit level of $0.7105. Let’s move the stop loss at breakeven points to avoid bearish reversals.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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