Our free forex signals service trade today is a buy order on the AUD/USD pair.
The AUD/USD pair jumped above major resistance levels indicating potential further growth. Still, the Dollar Index’s rebound brings some pressure to the AUD/USD pair. The currency pair is traded in the red at 0.7480 far below 0.7504 today’s high.
In the short term, the pair could only test and retest the immediate support levels before jumping higher. The bias is still bullish, so further growth is still in cards. Personally, I would like to see a sideways movement or a strong bullish pattern before jumping higher.
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Hawkish RBA Minutes
The Aussie is strongly bullish after the RBA Minutes reported a hawkish tone. Also, the USD received a hit from the United States Building Permits and from the Housing Starts economic indicators in yesterday’s session.
From the technical point of view, the AUD/USD pair jumped above the 0.7478 higher high which was seen as a strong upside obstacle. It has also managed to stabilize above the weekly R1 (0.7473) level. Staying above these levels could signal an upside continuation.
In the short term, the AUD/USD is trapped within a minor up channel, it could climb towards fresh new high as long as it stays within this pattern.
Only dropping and stabilizing below 0.7465 low could invalidate the bullish scenario. A new higher high could activate further growth.
Free forex signals – BUY AUD/USD at 0.7509
Free forex signals entry price and take profit
Instrument: AUD/USD
Order Type: BUY STOP
Entry price: 0.7509
Stop Loss: 0.7460
TP1: 0.7583
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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