After last nights confirmatory words from US chair Powell that they will be looking to cut interest rates (as the market expected) we had a bout of USD weakness which we were able to take advantage of for our team in longs on GBPUSD , EURUSD and short USDJPY clocking up over 200 pips on those three trades alone. We are now looking to take advantage of the move higher in AUD to resistance levels and overbought territory.
As per our trading view chart we have highlighted a around 0.6977. This coincides with an overbought level on stochastics which has on previous occasions resulted in a significant pull back. Additionally volumes have remained extremely low on this move higher suggesting there is very little in the way of follow through demand for this pair to move higher through resistance. We are targeting a move back to mid 0.68 area and profits upwards of 100 pips as continued data out of Australian economy points towards a downturn.
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from the Team at forexTrdr