AUDUSD price has been travelling in a horizontal channel and a descending channel , the horizontal channel is marked out in pink rectangles and the descending channel is marked out in blue lines. Price recently dropped rapidly down to the bottom of the horizontal channel and on the daily chart a doji candle has been formed with a green candle next to it indicating further upwards momentum.
we believe price will go up to the 0.5 retracement level to retest the top of the descending channel before dropping down to the TP. We have sell limit orders at the 0.5 retracement levels
IF PRICE HITS STL , PRICE WILL MOST LIKELY FOLLOW THE RED LINE.
MANUALLY OPEN THE TRADE, PRICE DIDN'T QUITE MAKE IT TO THE 0.50 RETRACEMENT, PRICE SHOULD BREAK BELOW THE SUPPORT THATS HOLDING IT UP AND COME BACK TO RETEST IT BEFORE DROPPING
Trade closed: target reached:
TARGET 1 HIT (TARGET 2 HIT)