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AUD/USD Pending Daily Breakout

AUD/USD Pending Daily Breakout

Walker England, Forex Trading Instructor

Market Condition: AUD/USD Pending Breakout

Target 1: 2X ATR at .7845

Target 2: 4X ATR at .7949

AUD/USD, Daily Chart & Averages

(Created Using IG Charts)

The AUD/USD has turned bullish trading back above its 200 day MVA (simple moving average) and 10 day EMA (exponential moving average). Traders looking to join the trend, may plan entries above the standing 2017 high at .7741. Current ATR for the AUD/USD reads at 52 pips. Traders may look for a 2X extension of ATR to find initial bullish targets at .7845. Also a 1X ATR stop loss may be considered to create a 1:2 risk/reward ratio.

In the event that the AUD/USD trades lower, traders may consider deleting any pending orders to buy the market. In this bearish scenario, traders may again track momentum and find new entries to sell in the markets chosen direction.

--- Written by Walker, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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