AUDUSD is trading in the 0.7350 area as the trendline is being tested. The markets remain cautious as key data and events will be happening later today including US CPI data, FOMC minutes, and Australian unemployment data tomorrow.
The strategy employed here is pretty straightforward. With the help of Mini Terminal, two smart lines (in yellow) have been set. Buy order will be triggered automatically if AUDUSD breaks through the 0.7380 resistance area whereas sell order will be executed if the trendline fails to hold.
USDJPY has made a significant rally since its breakout from the consolidation zone, from 109.10 up to 113.65 at the time of writing. If the news comes out in favor of the dollar, USDJPY may continue its bull move and test the key resistance area of 114.50 which was last visited in October 2018.
The plan is to get in a long position once prices reach the 113.00 support level. Should the support fails to hold, sell orders will be executed automatically if the price continues to fall by 25 pips.
For now, let’s just sit back and watch the market unfolds.
The information above is for educational purposes only and does not constitute financial advice. Trade at your own risks.