22.10.201911:21 Forex Analysis & Reviews: Australian rally. Trading idea for AUDUSD

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Australian rally. Trading idea for AUDUSD

Good day, dear traders! Today, I present to your attention a trading idea for the AUDUSD pair.

Last week, we made good money on this tool on the strategy of "Price action" and "Hunt for stops". Now, I have a new trading idea.

Fundamental components at once:

AUD. The super-oversold Aussie is rising from its knees on all fronts thanks to positive news from the US-China negotiation fields.

USD. The weakening of the US dollar is already evident in all instruments where it is present. This is due to the policy of quantitative easing, weak statistics on the States and a high percentage of the probability of another rate cut on the USD.

Technical picture:

After a false breakdown of the year, AUDUSD showed good bullish dynamics and came close to the top of September in the area of the round level of 0.69. Its breakdown will happen with a high probability, but it is unprofitable to buy from current prices. But there is a technical level in the area of 0.68200 with a pullback, which can be bought cheaply and hold the position until the breakdown of the September extreme of 0.69

Success in trading and control risks!

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