Closed trades: Yesterday, I had buy trades floating on the GBPUSD pair and expected that upside convergence might continue to raise the price above 1.2300; when the Fed data released the index price breakout, the new resistance descending channel at 104.70. This behavior will decline the price short term and breaches the 1.2250 support zone. In this scenario, I decided to manage these trades with some pips loss because further decline and robust inflation data will directly challenge the immediate support hurdle at 1.2160. The current legislation stability will give a bullish indication, and oversold conditioning may print the 1.2550 on the chart.
See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clientsImportant news: Today, the "RBA Gov Lowe Speaks" high-impact news schedule for the AUD currency will significantly impact the market. We must focus on the price action moves and then execute additional trades on the related currency pairs.
AUDUSD BUY TRADES: The price of AUDUSD declined significantly from the last couple of sessions and broke the new support divergence barrier at 0.6870, indicating that oversold conditioning may give reversible correction above 0.7050. I decided to open buy trades at the current stability zone and wait for the US session breakout above 0.7000; when surpassing this resistance rally, I kept holding the price above the ascending channel of 0.7100. On the downside, if dominant sellers' pressure rebounds, the price, and prediction may continue to decline the price sharply below 0.6890, then bulls may no longer, and additional losses may challenge the 0.6830 physiological mark. Currently, the moving price will give some pips loss when giving extra strength, then set the existing target above 0.7020.