A fairly simple trade to begin the trading week. During the U.S. session overlap the AUDUSD moved higher, pulled back for a two candles and moved higher off its trendline.
A long was taken risking 12 pips for a potential 25 pips to our daily target at .7917 – the March 2018 high. Price moved up to our target take profit level closing the trade.
A continued move higher may test .7934, .7988 and .8000 round number. A move lower may test the .7900 round number followed by .7885, .7850 and .7820.
The Bloomberg Commodity Spot Index is up 30% and Brent crude is up over 20% but the commodity currencies have not surged anywhere near. I have found the CAD and AUD pairs to be very tradeable lately, but have not had the time to post many of the trades. They are certainly worth keeping an eye on at this stage of the economic cycle.
Good luck with your trading!
