Hi guys,
check out the following chart drawn for AUDUSD,
The pair should be in a good solid uptrend for today and possibly next couple of days.
The pair just bounced off strongly at upward trendline at the bottom and that is also the 110MA which became support from resistance before.
Especially given there's a GDP data coming up, if better than expected, we should see it take out yesterday's high 78.40 easily towards 79.
AUD has been strong together with its peers such as NZD, GPB and EUR. If the USD weakness is valid, we should see further confirmation for this uptrend channel.
Possible trade idea, entry near the blue MA, and stop below yesterday's low with profit target above yesterday's high.
Try to make at least 2 reward to risk to make the trade worthwhile, could possibly looking into 3 R/R depend how good is the data of GDP.
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Best Regards
Max
AUD
GDP q/q
0.4% vs 0.5% expected
Not much difference, and the price tried to make new low on this but failed to go below 72.70 and bounced back up. If yesterday's low can hold up, the uptrend should be still valid.
This should confirms previous bullish trend, but now the uptrend will take a bit of time, depending on what it's brothers and sisters are doing: NZD, GBP and EUR. This might need to wait until later when euro market open.