Fundamental Analysis
After the Rate Hike from the FOMC to 1.625 was priced into the market the AUD/USD broke out of its channel to the upside. As I said in the previous trade idea for the AUD the economy is improving after its transaction from the mining sector and I expect it to remain buoyant going through 2018. I will be keeping an eye on wage growth and jobs over the next 6 months but for now I would expect to see a correction to the upside.
Technical
As you can see from the chart the AUD/USD broke through resistance at 7718 and pulled back to the same level after hitting 7780. I am looking for this level to be tested again with a stop below the lower support level.
I will be trading this on Automation with the triplesystemEA with the breakout settings and scalp setting activated
After the Rate Hike from the FOMC to 1.625 was priced into the market the AUD/USD broke out of its channel to the upside. As I said in the previous trade idea for the AUD the economy is improving after its transaction from the mining sector and I expect it to remain buoyant going through 2018. I will be keeping an eye on wage growth and jobs over the next 6 months but for now I would expect to see a correction to the upside.
Technical
As you can see from the chart the AUD/USD broke through resistance at 7718 and pulled back to the same level after hitting 7780. I am looking for this level to be tested again with a stop below the lower support level.
I will be trading this on Automation with the triplesystemEA with the breakout settings and scalp setting activated
Trade active:
So the buy trade is active and in profit but only slightly. The AUD is benefiting from the trade war news and should keep progressing so I am keeping this one open at the moment but may take profit before the markets close tonight, I will let you know.