AudUsd looks very promising for bulls the next period. On a side note i must add then in about 5 hours now we have the aud interest rate decission, so getting in early can be risky! I get in with a decent position and am able to add more in case it drops on the news (since I am bearish on the dollar index).
You can see that the Stoch Rsi and Adx indicator made a nice bullish crossover and shows lots of power. Then when looking at the ranges you can see that not only has it broken from the small upper ranges, it has also broken the 14 EMA. Right now the next challenge is to break the 72 EMA but given by the amount of buying pressure is left on the stoch rsi there's a good chance that the 72 EMA will break soon or later.
Take profit can be in the 0.76-0.77 area.
I dont use a stop loss on this trade. Theoretically my account can handle it till 0,68 so enough room to add more in case it goes down on the news tonight. Since i am bearish on the dollar index i think that audusd will recover up if tonights news will bring it down
You can see that the Stoch Rsi and Adx indicator made a nice bullish crossover and shows lots of power. Then when looking at the ranges you can see that not only has it broken from the small upper ranges, it has also broken the 14 EMA. Right now the next challenge is to break the 72 EMA but given by the amount of buying pressure is left on the stoch rsi there's a good chance that the 72 EMA will break soon or later.
Take profit can be in the 0.76-0.77 area.
I dont use a stop loss on this trade. Theoretically my account can handle it till 0,68 so enough room to add more in case it goes down on the news tonight. Since i am bearish on the dollar index i think that audusd will recover up if tonights news will bring it down
Trade active
Trade active
Trade closed: target reached:
nice pips made on both positions :)