AUDUSD and the EMA Crossing Strategy

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HotForex Market Review
HotForex Market Review

AUDUSD,H1

The Aussie continues its recovery following good import and trade figures from China overnight. The AUDJPY is at a one month high and the AUDUSD continues to build. The initial turn in the AUDUSD trend we identified yesterday on the close of the 18:00 candle has ran and ran from 0.7757 through R1 and R2 in a steady trend to touch 0.7790.  A 0.42% (33 pip) overnight move. The EMA Crossing H1 strategy generated an entry at 18:00 (0.77578) – initial target from the ATR (14) of 10 pips reached 0.77678 at 06:00. The size and breach of the R1 on the completion of the 06:00 candle, together with the rising and aligned Moving Averages, confirmed the strength of the trend and triggered a second entry at 0.7772. Target 2 was again taken from the ATR (14) for  9 pips to 0.7781.  A net gain of 19 pips from a simple two step, two rule strategy. The stop loss has to be below or above the latest turn in the market with this approach. So at 18:00 yesterday the stop loss was at 0.7742 and at  06:00 it needed to be at 0.7761.

 

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