Our free forex signals service trade today is a buy order on the AUD/USD pair.
The AUD/USD pair rallies and it seems poised to come back higher if the Dollar Index resumes its downside movement.
It’s trading in the green at 0.7288 level, but we still need confirmation before considering going long. Technically, the Dollar Index printed a gap up. Closing this gap could signal a deeper drop. This scenario could force the USD to depreciate versus its rivals.
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US Unemployment Claims Worse Than Expected!
In the short term, the USD could extend its depreciation after the US Unemployment Claims was reported at 268K above 260K expected in the previous week. Today, the Dollar Index could react around the Canadian retail sales data. The index is in a corrective phase, personally, I’m expecting high volatility after Canadian figures.
From the technical point of view, the AUD/USD pair has found support at the 78.6% retracement level and now challenges the descending pitchfork’s median line (ML).
After registering a false breakdown with great separation through the confluence area formed at the intersection between the ascending pitchfork’s lower median line (lml) with the 78.6%, the pair was somehow expected to rebound.
Closing and stabilizing above the median line (ML) and staying within the ascending pitchfork’s body may signal potential further growth in the short term. The upside scenario could be invalidated if the rate makes a valid breakdown below the lower median line (lml).
Free forex signals – BUY AUD/USD at 0.7305
Free forex signals entry price and takes profit
Instrument: AUD/USD
Order Type: BUY STOP
Entry price: 0.7305
Stop Loss: 0.7248
TP1: 0.7368
My Risk: 1%
Risk / Reward Ratio: 1: 1.6
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