Ready to Start Trading?
Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.
Apply onlineAny Questions?
Contact us:
phone: +1 849 9370815
email: sales@tradersway.com
AUD/USD made a strong break above a recent resistance level, thanks to reassuring comments from Fed Chairperson Janet Yellen. However, price seems to be stalling around the .9000 major psychological level and might need to make a pullback before resuming its rally.
Stochastic is pointing down from the overbought zone, indicating that a quick selloff may be in the cards. If that’s the case, the pair could dip to the former resistance level, which lines up with the 50% Fibonacci retracement level. If stochastic reaches the oversold region and crosses upward then, it might be a signal for a bounce.
Going long at the 50% Fib or the .8975 area with a stop below the 61.8% Fib or at .8950 and a target of new highs could yield a good return on risk for a short-term trade. Be mindful of the upcoming Australian jobs release though if you’re holding on to the trade until Thursday’s Asian trading session.
By Kate Curtis from Trader's Way
Any Questions?
Email Us: sales@tradersway.com
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
2023 Martin Luther King Holiday Schedule
Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....
Learn more