Buy on a level breakthrough of 0.7281 with 0.7381 target. Stop loss = 0.7231.
Reason for the trading strategy
The RBA has kept its key interest rate unchanged at 2%, as expected. The regulator’s statement about the Australian dollar’s adjustment to a significant reduction in the commodity prices has supported the national currency. In addition, the increase in Australia’s business activity index in the manufacturing sector from 50.2 p. to 52.2 p. in November contributed to the AUD/USD pair testing the resistance level of 0.7281.
AUDUSD, H4
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Reason for the trading strategy
The RBA has kept its key interest rate unchanged at 2%, as expected. The regulator’s statement about the Australian dollar’s adjustment to a significant reduction in the commodity prices has supported the national currency. In addition, the increase in Australia’s business activity index in the manufacturing sector from 50.2 p. to 52.2 p. in November contributed to the AUD/USD pair testing the resistance level of 0.7281.
AUDUSD, H4
Read more
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