Price action traders who entered long for Crude (US Oil) have reached their first target of +50 pips. In the meantime, AUDUSD is looking to provide an intraday short based on the hourly range.
Yesterday, Oil was able to set a new high for the year at 70.50. This was the first target for traders who entered long. Today price cleared a higher low and bullish momentum is still present on the smaller timeframes. This should lead to the next leg up and a new higher high.
AUDUSD has been ranging from 0.77600 and 0.76600 on the hourly time frame. Traders are looking to enter short as the price was able to print a shooting star off the top of the range. This should lead price back down to the range low providing roughly +100 pips of profit.
Tomorrow we have inflation data being released for the Dollar and current forecasts are bearish. There will also be unemployment claims which are forecasted to be slightly bullish. We could have further choppiness in the Dollar if the forecasts are true.
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- Read yesterday’s breakdown: US Oil Longs Entered Once Again as Dollar Move Delayed
