The AUDUSD started to move down today during the U.S. session overlap testing its Asian session low. The candle that tested the low left a long lower wick indicating buyers were entering at that level.
A glance at the DXY showed USD strength was increasing. As price began to push lower, an entry was taken risking 16 pips for a potential 78 pips to our daily target at .6836. Price plunged lower and closed well below its Asian session low. We locked in profit halfway down the large candle.
Price continued lower coming close to our target. I hesitate to get greedy especially after the European close but left the trade open. Price moved lower and our trade was closed at the target.
The coronavirus and its effect continues to be market moving and we know some days the market is more optimistic…other days more pessimistic. The very strong U.S. economic numbers today also helped the USD.
Good luck with your trading!
