forex day trading tips, aud usd

AUD USD Forex day trading tips

Let’s cover all you need to know to start trading the AUD USD currency pair right now.

Because every second matters, get the currency live charts and forex day trading tips so that you can monitor your trade openings, closing goals and open up yourself for several forex trading currencies to maximize your profits. Forex analysis is used by retail forex day traders to determine buy or sell decisions on currency pairs. It can be technical in nature, using resources such as charting tools. It can also be fundamental in nature, using economic indicators or news-based events. For the signals of today, we are using indicators like RSI and CMO.

forex day trading tips, aud usd

AUD USD Forex trading tips and charts

Monthly shows this pair with five targets. The first target is at 0.75912 – 140 pips below the current position; the second target is at 0.72582 – 471 pips; the third target is at 0.68930 – 833 pips below the current position; the fourth target is at 0.66124 – 1,129 pips below the current position; the fifth target is at 0.63421 – 1,385 pips below the current position. The rsi and cmo are in the middle headed down to the buy zone in this time frame.

Weekly shows this pair with a target at 0.71792 – 548 pips below the current position. The rsi and cmo are just below the sell zone and appear to be headed up to the sell zone. Confirmation of a sell trade should be seen before placing a sell trade in this time frame.


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Daily shows this pair has two targets. The first target is at 0.76819 – 35 pips below the current position; the second target is at 0.76008 – 116 pips below the current position. The rsi and cmo are just above the buy zone and should reach it soon.

AUD USD in the news

The Australian dollar has rallied just a bit during the trading session on Tuesday but gave back some of those gains rather quickly. At this point in time, the market looks as if it is trying to figure out whether or not it can grind sideways or if it needs to pull back.

Global liquidity measures continue to be the major driver of this pair, as the Federal Reserve is very dovish and will continue to be loose with monetary policy. This should continue to work against the value of the US dollar, so we will continue to see upward pressure. In fact, I do not have a scenario in which I’m willing to short this market yet; at the very least, I would need to see the 0.7250 level beaten to the downside.

Christopher Lewis

The Australian dollar rallied during the trading session on Friday, breaking above the 0.7350 level and then reaching towards the 0.74 handle. It looks as if the Aussie is ready to go higher, but do not be surprised if we get an occasional short-term pullback. This is a market that seems to be floating, and people are starting to trade on the idea of a global economy after a coronavirus vaccine. That should continue to favor commodities and growth currencies in general, which includes the Aussie.

Furthermore, the Australian dollar is highly levered to the Chinese economy, so as China seems to be strengthening, it follows that the Aussie would do the same. Pullbacks at this point should have plenty of buying opportunities, just as the 50-day EMA underneath starts to rise to reach towards this level. One thing is certain: we have seen a lot of resilient behavior in the Aussie dollar, and even though there are many things that could be considered “black swan events”, it is likely that the market is willing to look past much of it.

Since 2014, AUD/USD has spent much of the time between 0.7953 (the 50% retracement of the long-term move) and 0.68259 (the 23.6% retracement of the secondary move). These levels have provided strong support and resistance through much of this period until prices tumbled to March 2020 lows; after which price action soon returned back into this zone.

DailyFX
  • AUD/USD breakout stalls ahead of yearly highs
  • Aussie bulls look for breach above 7413 to mark resumption – key support at 7295
  • Bottom line: The Australian Dollar has cleared a major resistance confluence last week but has stalled ahead of the objective yearly highs – is this a false breakout scenario? The significance of this technical region should have yield a larger reaction here and may be a warning for the bulls. From a trading standpoint, the immediate focus is on a break of the 7300-7413 range for guidance with a close above needed to mark resumption towards fresh multi-year highs.
Australian dollar traders started to buy hand over fist during the trading session on Monday as the Chinese government stoke the fires of the bullish run in Chinese equities, in this video by FX Empire.

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Are you looking for some a bunch of rock-solid trading strategies that actually work? If you want to learn some really effective Forex strategies, you should check out this article. Like every week, I’m super excited to share my fresh forex day trading tips with you, and I hope that everyone can maximize their profits based on my accurate forex trading signals.

Was it helpful that I shared my signals with you here in the Forex and Profits community? What do you think will happen next with the AUD USD and EUR JPY currency pairs? I’d love to know what you thought of this article. Feel free to like, share and comment in our Forex and Profits Club on Facebook.

Enjoy the week, and see you next time!

Disclaimer:

Before participating in Foreign Currency Trading (Forex Market) you must consider carefully the risks of the market, which has big rewards potential, yet is also extremely risky. Consider all the risks carefully before investing in the Forex Market. Remember that all the information and signals, prices and trade recommendations provided here on Forex and Profits is only a general information and market commentary, thus, does not incorporate investment advice.

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