DESCRIPTION:
The negative data on Import Prices q/q together with an upbeat report on the Private Sector Credit m/m from Australia made market participants confused. This is indicated by the price of AUD/USD ranging between 1.0400 (support) and 1.0450 (resistance). The ideal condition for trading this currency pair now is trapping the market. Please pay attention to today's US Non Farm Payrolls and US Unemployment Rate news.
Recommendation:
Buy stop pending order at 1.0458.
Take profit 1 at 1.0485.
Take profit 2 at 1.0529 (optional).
Stop loss at 1.0414.
Or
Sell stop pending order at 1.0368.
Take profit 1 at 1.0331.
Take Profit 2 at 1.0272 (optional).
Stop loss at 1.0427.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
Email : Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
