Price action traders are in profit for their AUDUSD swing short as Dollar bulls continue their rally back to March’s high fueled by last Friday’s positive job report.
A few weeks ago traders entered short for AUDUSD and were awarded +80 pips of profit. After a strong job report, the Dollar is once again bullish, and thus lower AUDUSD prices are likely. Traders reentered AUDUSD last week and are currently up +25 pips with more profits to be expected.
Bears in the market were able to take the Dollar briefly below support at 92.00. This move was then immediately responded to by bulls who have pushed the Dollar back above daily resistance at 92.850. The next target for traders is 93.171 which is the of July. Based on candlestick analysis, this move can be completed by the end of this week.
Amidst a bullish Dollar, many of the popular cryptocurrencies such as Bitcoin and Ethereum are also starting to edge higher. A bullish closure above 48,300 for Bitcoin could be the precursor for a new bull market.
For more Forex content like this:
- Sign up to become a Pro Trader
- Join our Discord server and chat with us
- Book a Demo with us to get a full tour
- See our Pro Trader Membership Pricing plans
- Read our previous blog article: DXY Bulls Reach 92.300 + EURUSD Shorts Activated for NFP
