AUDUSD Trade Idea (12th December 2019)

Currency Pair: AUD / USD
Timeframe: H4
Date/Time of Signal: 12th December 2019 / 2200hrs (SGT)

Review:

US Producer Price Indexes (PPI m/m) data which is a leading indicator for consumer inflation, was worse than forecast.

And with a possible deal with China, this could increase value of the Australia dollar. After all, the Australian dollar is very sensitive to Chinese growth as Australia is a major supplier of hard commodities.

AUD/USD has a upward trend and broken the Resistance level of 0.6870.

Trade signalled to BUY AUD/USD (Entry: 0.6894) with 3 Take Profit (TP) Targets (TP1: 0.6914, TP2: 0.6934, TP3: 0.6954) and Stop Loss (SL) at 0.6954