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Selling AUD/USD at MAs, as it Fails

The AUD/USD has been one of the most bullish pairs since March, when the crash from the COVID-19 panic ended. This pair climbed until September 1, rising above 0.74, before the bullish trend finally ended, as USD buyers returned for some time, sending this pair down to 0.70, where the 100 SMA was waiting on the daily chart.

Then the price bounced off the 100 SMA, but the bounce ended at the 50 SMA on the daily chart on Friday last week. In the last three days, we have seen the price fall back down in this pair, and it broke below the moving averages on the H1 chart without much resistance from them.

The AUD/USD fell to 0.7150, but started reversing up yesterday, during the US session. The price reached the 200 SMA (purple) earlier today, but buyers failed to break above it after a few hours, so we decided to open a sell forex signal, since the stochastic indicator was also overbought in this time-frame. Now the price has reversed back down, so our trade here looks good.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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