Forex Trading Money Making | AUD/USD Forex pair | Trading signals #15

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the United States Dollar / Japanese Yen Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!

Today our Forex pair of choice is going to be the Australian Dollar / United States Dollar. Considering that at the moment the United States Dollar can be quite volatile, we are going to be careful when entering this trade.

As our trading platform of choice, we will once again choose the IQ Option, we have it in the past, and so far it has proven to be quite reliable.

Now we are going to start off with the Technical analysis and see in which direction are we going to take our trade.

At first glance, it appears that a strong selling position is going to be optimal for this trade. Oscillators are barely pointing us in the selling position however, whereas the Moving Averages are telling us that selling position is without a doubt the right option for this trade.

We shouldn't jump to conclusions, we need to investigate further in order to be able to make a sound a rational decision.

Let's see if we can find some more information from the chart below.

The market displays heavy levels of resistance, which make it quite hard to make a decision. However, this resistance will have to be broken eventually, and we are going to rely on the information we gather from the Fundamental and Technical analysis in combination with the trading signals.

Now it is time to check out the Forex Factory Economic calendar as a part of our Fundamental analysis.

Open up the Forex Factory Economic calendar and let's set it up so that it only shows relevant news.

We only need the information associated with the Australian Dollar / United States Dollar and as such everything else would be redundant.

We have a handful of events that are going to possibly impact the market, especially for the United States Dollar! We are however only going to turn our attention to the following:

1. ISM Manufacturing PMI (USD)

2. Personal Spending m/m (USD)

3. Commodity Prices y/y (AUD)

ISM Manufacturing PMI (USD) - A monthly report from Institute for Supply Management, this one takes into account a survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. It's a leading indicator of economic health!

Personal Spending m/m (USD) - This one shows us the change in the inflation-adjusted value of all expenditures by consumers. Consumer spending accounts for a majority of overall economic activity. It's one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.

Commodity Prices y/y (AUD) - From this one, we can see the change in the selling price of exported commodities. Commodities account for over half of Australia's export earnings, and as such, it's a leading indicator of the nation's trade balance with other countries because rising commodity prices boost export income.

Don't forget to use the promo code #SHIVINVEST when you sign up for a Tools Trades account in order to receive additional free trading signals.

After all of this, we should obtain a trading signal from Tools Trades so that we can open a trading position with confidence. We should be fine with going along in a selling position, however, there is no need to leave anything to chance.

The signal we generated from Tools Trades told us that a selling position is a position we are to take. We ought to remember to enter the Take Profit and Stop Loss values while entering the trade.

Once again we were able to make a lot of profit, thanks to the quality research we did prior to entering the trade and of course the high-quality trading signals we received from the Tools Trades website. This time we were able to take home 4.165.80$!

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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