Tuesday, October 17, 2017

FOREX TRADING BLOG

It´s Risk On Again – AUD/USD Hits TP

Author: Skerdian Meta, Leading analyst /Friday, May 19, 2017/Categories: Live Market Updates

Yesterday in the evening, we opened a buy forex signal in AUD/USD. This pair had retraced about 60 pips lower in the afternoon after topping around 0.7470 in the morning, but the short-term trend was still intact.

Besides that, there were quite a few technical indicators signaling to buy this forex pair. The lower trendline and the 38.2% Fibonacci retracement level on the H4 chart and the 100 SMA on the hourly forex chart were all pointing upward. The daily chart was pointing down, but as we said yesterday, we put our trust in short-term timeframes for our short-term signal.

This morning though, we see that the forex market developed an appetite for risk as the risk related currencies are considerably higher.

GBP/USD climbed back above 1.30 after a 150 pip reversal downward yesterday, which followed a 100 pip surge when the UK retail sales numbers impressed the market.

AUD/USD is also a lot better this morning: unlike NZD/USD, it surged about 70 pips higher, which was more than enough for our forex signal in this pair.

Another pair which is a barometer for risk is EUR/CHF. CHF is a safe haven currency, so when this pair dives the market goes into a panic. On the other hand, when it surges the market feels great, which is what is happening right now. EUR/CHF has gained about 50 pips this morning, so our forex signal in this pair just hit TP as well.

Well, we had a good start to this last day of the week. Let´s keep scanning the market and the charts to see if there are any more good trading opportunities today.  

Skerdian Meta, Leading analyst

Skerdian Meta is our leading analyst.

Skerdian is a professional Forex trader and market analyst and has been actively engaged in market analysis for the past 9 years.

Before becoming our leading analyst, Skerdian served as a trader and market analyst on Saxo Bank's local branch, Aksioner.

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