The strong U.S. dollar since late summer, on the back of a possible Fed Funds rate hike later this year and on an improving economy, has meant weakness in many other currencies across the world. This combined with a bear market in many commodities has directly resulted in a sluggish Aussie dollar.
USDAUD has been trading in a well-defined uptrending channel since September. It is now seeing buyers step in once again after a pullback to the bottom of the channel (just above the 50-day EMA). Consider taking a long position in the USDAUD now, using a stop loss at 1.254 (just below the 50-day EMA). Look for a move to multi-year highs in the next 1-2 months to around the 1.35 level.
If you'd like to learn my approach to trading equities and options please visit OptionsRiskManagement.com to see details about 1 on 1 mentoring courses that start at just $55.
USDAUD has been trading in a well-defined uptrending channel since September. It is now seeing buyers step in once again after a pullback to the bottom of the channel (just above the 50-day EMA). Consider taking a long position in the USDAUD now, using a stop loss at 1.254 (just below the 50-day EMA). Look for a move to multi-year highs in the next 1-2 months to around the 1.35 level.
If you'd like to learn my approach to trading equities and options please visit OptionsRiskManagement.com to see details about 1 on 1 mentoring courses that start at just $55.
