The Aussie pulled back overnight before surging in today’s early European session. As of writing, the bulls have pushed the pair up to weekly highs, and are currently putting in a Bullish Marubozu Candle on the 4hr chart. These signals suggest that the Aussie may be on its way to retest last week’s highs near 1.0300.
To take advantage of a continuation higher, traders could set a limit buy at 1.0215 (near previous-resistance-turned-support from yesterday) with a stop at 1.0150 (under this week’s low) and a target at 1.0295 (just ahead of converging previous / round handle resistance at 1.0300). This trade would be invalidated if not triggered by the end of today’s North American session (17:00 Eastern, 21:00 GMT).