Price action traders are enjoying swift profits from their Bitcoin trade as their AUDUSD trade was from last week goes into profit.
Yesterday, Bitcoin printed a bullish hammer off support near $31,500. This candle is known to hint at further upside and can often be used to scalp for quick profits. Traders were able to enter long and the price went as high as +400 pips into profit. Stops were moved to breakeven, and since then, Bitcoin has resumed the long-term downtrend.
Last week, price action traders entered short for AUDUSD. Due to the current choppy nature of the US Dollar Index, the price went into drawdown and back to entry several times. With the resurgence of Dollar bulls, this trade has finally gone into profit. This is a swing trade setup with a final target of 0.70200.
If tomorrow’s core retail sales data can come out better than the expected 0.4%, we could see further Dollar bullishness and consequently further profits for AUDUSD. A worse result will lead the Dollar back into the hourly consolidation zone.
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