AUDUSD – BUY – 30th March 2021

AUDUSD – BUY – 30th March 2021 (Closed)

Good afternoon team,

Global equities are moving in a risk-on sentiment despite the recent outbreaks of Covid-19. One reason is potentially due to Joe Bidens infrastructure spending which is due to be announced tomorrow and is believed to be in the region of $3-4 trillion. The risk-on sentiment should benefit the AUD and other commodity-related currencies. We can see the JPY weakening across the board already this morning.

AUDUSD – 4 Hour Charts

There is currently a rising channel formation in play on the AUDUSD. As the trend has not broken, we can assume the bullish sentiment remains intact.

AUDUSD – 1 Hour Charts

Trade Setup: BUY market execution, current price 0.7648, stop loss 0.7564 and take profit 0.7818. 

Stop loss: 84 pips

Take profit: 170 pips

Trade Setup
BUY - Market Execution

Entry
0.7648

Take Profit
0.7818

Stop Loss
0.7564