The pullback higher has ended now

Booing Profit on AUD/USD, As the 100 SM Rejects It Again

Posted Tuesday, June 30, 2020 by
Skerdian Meta • 1 min read

AUD/USD was really bullish from the middle of March until the middle of this month. This pair climbed more than 10 cents from the bottom, following the big crash when the coronavirus broke out in Europe and the US, which sent risk assets tumbling lower.

But, buyers have been in control since then and the trend has been bullish. Although, the climb ended earlier this month at 0.7070. Since then, AUD/USD has been retreating lower, making lower highs, which is a sign that sellers are in control now.

In the last week though, this forex pair has been trading in a range between 0.69 and 0.6840. last night, I placed a sell pending order at 0.6980, as this pair was retracing higher. The order was placed below the 100 SMA (green), which has been acting as resistance at the top. The price formed a doji up there after triggering our trade and reversed back down. So, we booked profit on this pair, now waiting for another opportunity to trade here.


Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments