AUDUSD held over 0.71 and moved to close above 0.7140 and on the daily time frame it was a bullish close to the week with equity markets holding up strongly.

I will still be looking to go long on the AUDUSD on minor pull backs if it can hold over 0.7140 and targeting 0.72 as an initial take profit. As an additional point to the trade idea the USD index still lacking buyer interest where after multiple attempts hasn’t been able break through the 93.40 level.

Additionally on my watch list is XAUUSD short with price closing and holding below 1960, I’ll be looking to take sells on small rallies, the catalyst with this play will be more positive COVID-19 vaccine news that helps mute uncertainty.  EURUSD is a possible buy trade on a pull back to 1.18106 again until the USD index proves other wise short USD is still the overwhelming theme. AUDNZD is in a well-established uptrend and I’ll be looking to take a buy trade in a pull back from 1.09100 the primary thesis here or long AUDNZD is the slow down in NZD with a further lock down due to COVID-19 and the RBNZ remaining very strongly biased towards holding interest rates low.

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By scott.andrews275

Scott Andrews is an Australian based trend and swing trader using the daily, 4 hour and 1 hour time frames. He has previously worked in China as a performance coach for their Winter Olympic Team and runs a YouTube channel as well as remotely trading for a London Prop Firm.

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