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Our free forex signals service trade today is a sell order on the AUD/USD. The major pair is standing just below the key resistance level.

The AUD/USD pair registered strong growth, but it has reached a resistance area. As you already know, the Reserve Bank of Australia maintained its monetary policy. The Cash Rate was left unchanged at 0.10%, as expected.

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The Aussie received a helping hand from the Chinese economic data in the early morning. Caixin Manufacturing PMI was reported at 50.4 above 49.1 expected, Non-Manufacturing PMI raised from 51.1 to 51.5 points even if the specialists expected a potential drop to 50.6. At the same time, the Manufacturing PMI came in at 50.2 versus 49.9 expected.

After its amazing rally, the AUD/USD pair could develop a temporary correction. Still, we’ll have to wait for strong confirmation before taking action.

US ISM Manufacturing PMI 58.0 expected

Fundamentally, the USD needs strong support from the US economy to dominate the currency market. The US ISM Manufacturing PMI, which is seen as a high-impact indicator, is expected to grow from 57.6 to 58.0, which could be good for the USD. In addition, the Final Manufacturing PMI and the Construction Spending could remain steady while the ISM Manufacturing Prices could jump from 76.1 to 77.4 points.

Technically, the AUD/USD pair reached 0.7278 static resistance. Personally, I’ve drawn a descending pitchfork, hoping that I’ll catch a new leg down.

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Free forex signals – Sell AUD/USD at 0.7241

aud/usd free forex signals

Free forex signals entry price and take profit

Instrument: AUD/USD

Order Type: SELL STOP

Entry price: 0.7241

Stop Loss: 0.7302

TP1: 0.7133

My Risk: 1%

Risk / Reward Ratio: 1:1.75

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