As I entered this trade I was already in profit... It's always great to enter a trade in a trend. There is clear indication on the daily chart that the bollingers are contracting which suggests the AUD is heading north! These are intraday trades and I will exit this trade in a few hours
The Australian dollar has pushed above 79 US cents for the first time in a month with some strong Chinese data and easing rate hike expectations in the US... Also the 61.8 retracement level has been reached on the daily chart which is a strong indication so far of a bullish trend for the Aussie Dollar!
The RSI is mid range on almost every period chart and more room to move up! Also on the daily chart the bollingers are contracting which is a strong indicator that this will be a bullish trend for the morning trades
As I entered this trade I was already in profit which suggests a strong downward trend... Also a possible trend reversal around 12pm today Australia time... For intraday trading with the AUD/USD the recent average results are:
Morning: Short trade
12pm: Long trade
Evening (4pm - 10pm): Long trade
Sell at 0.77628... On the 1 Minute and 5 Minute chart heavy downward trend... This is a short-term trade... As I entered this trade almost straight away I was in profit which suggests I entered in a strong trend