The big question in my Weekly Trade Preview was which way I would look to play AUD/USD from from a daytrading perspective. I think the open has pretty much given us an answer with a breakout buy trade opportunity presenting itself off the bat.
On the hourly you can see AUD/USD broke through it’s swing high on the open, coiled up through early Asia and then pushed hard up through it’s daily high with momentum. The last sentence being the key here for which way you want to be trading and although it’s always a bit of a personal judgement, my trading plan says to buy this sort of move every time.
For me, the daily chart is where the questions around AUD/USD remain. We are coming into a confluence of resistance within the next 50 pips and it’s crunch time for the pair. Daytrading this market just has a bullish feel about it though and if we start to coil around this spot again, I’m expecting the pair to tuck back into that daily channel.