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AUD/USD found support at the 23% Fibonacci retracement and went running from there. No trade.

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Hello 🙂 I hope everyone had a wonderfully, long weekend! With metals on a tear on demand from China and traders flocking to gold for inflation protection, going long in AUD/USD looks to be a great play after a retracement.

The pair has made a great run and we will probably continue to see it go higher, especially since it is holding above the psychologically important .8000 level. According to price action and the chart, it looks like we may see a retracement as stochastics trend lower. Not knowing where it may resume the uptrend, we will scale into our full position at various Fibonacci retracement levels.

Here’s a long trade idea:

Long half position AUD/USD at .8225, stop at .8180, pt at .8265

Long half position AUD/USD at .8200, stop at .8180, pt at .8230

Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

With the FOMC Minutes release tomorrow at 2:00 pm EST, we may reduce our position size if we are triggered in order to reduce volatility risk. Please keep an eye out for updates.

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.