FrancescoContino

AUD/USD Bearish Breakout Idea, keep it simple!

Short
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
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1
Aussie it got rejected at price of 0.72030 showing a great resistance level which created a down trend from the 26th of February.
Today session sees a -0.85% circa in variance from last night prices due the negative result of the 4th quarter Australian Gross Domestic Product ( GDP), European session is now close so the price might stay around the support level of 0.70270 creating a range started a few hours ago.
Expectation is the price to break out the support level of 0.70270 to the reach the next level which will be my target of 0.69180.
Awaiting a confirmation from price action to place a trade 5 pips lower than 0.70270 placing a stop loss above at 0.70550 and a take profit below at 0.69180.
Trade active: Entry level triggered, entry price 0.7017 with stop loss placed at 0.7058 and take profit at 0.6920

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