Hey there,
We have a currently broken ascending channel on AUDUSD with a retest leading to a possible short position entry.
The pair for the most part has performed as a ascending channel should, on price reaching the upper resistance at 0.64433 it had to two goes at breaking the upper resistance and failed.
On reaching support and testing five times at 0.62811, price continued to pushing up to 0.63824. Price began to consolidate and form a upper resistance structure within the channel and failed to breach causing price to push down on a lower low and break the support.
Short position setup:
Entry on retest: 0.63551
Tight stop loss: 0.63814
Take profit: 0.62622
Risk reward of 3.5:1.
Thanks.
We have a currently broken ascending channel on AUDUSD with a retest leading to a possible short position entry.
The pair for the most part has performed as a ascending channel should, on price reaching the upper resistance at 0.64433 it had to two goes at breaking the upper resistance and failed.
On reaching support and testing five times at 0.62811, price continued to pushing up to 0.63824. Price began to consolidate and form a upper resistance structure within the channel and failed to breach causing price to push down on a lower low and break the support.
Short position setup:
Entry on retest: 0.63551
Tight stop loss: 0.63814
Take profit: 0.62622
Risk reward of 3.5:1.
Thanks.
Trade closed: target reached