Bought the Pullback in AUD/USD Yesterday
AUD/USD retraced lower during the US session yesterday, but the 20 SMA stopped the pullback
[[AUD/USD]] has been bullish since the middle of March, when it turned around, following the massive crash in the previous two weeks. The uptrend was quite strong until the beginning of June, but since then, AUD/USD has been consolidating inside a range.
Yesterday the range was broken, as the USD turned massively bearish, while risk assets such as commodity dollars turned bullish, after the EU approved the coronavirus recovery fund, worth EUR750 billion. AUD/USD jumped higher and it climbed around 200 pips in total.
This forex pair climbed to 0.7182 yesterday, but started retracing down during the US session. It fell around 40 pips lower, but the price was finding support at the 20 SMA (grey) on the H1 chart. AUD/USD formed a couple of hammer signals, which are bullish reversing candlesticks, so we decided to go long from there.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals