British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
Levels to trade AUD/USD
2020-03-24 • Updated
After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area. The Awesome Oscillator on the H4 rose to the zero level. This allows expecting that the pair may try to make a bigger recovery. Bullish positions will become possible once the pair rises above the 50-period MA at 0.6000. Upside targets lie at 0.6095 (50% Fibonacci of March decline) and 0.6235 (61.8% Fibo).
On the other hand, it’s necessary to remember that the pair is still within the downtrend, so the decline may resume. The fall below 0.5880 will open the way down to 0.5830.
Trade idea for AUD/USD
BUY 0.6010; TP 0.6090; SL 0.5990
SELL 0.5875; TP 0.5830; SL 0.5895
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