Back with another trade… This time it’s on the Aussie Dollar vs The United States Dollar. We have been eyeing this pair up for a while and have been waiting for the uptrend to be confirmed in our eyes. According to our trading plan, we can only place a long trade once the price moves above the last major resistance and is held. A few breakouts have been seen (and held for around a week) and then the support was too weak so it fell back down. Today, we see the price bounce very nicely off the 51 degrees trend line
and the last major resistance, come support that we have seen on a daily chart
. We recommend a take profit around the 0.70000 mark, which will be a nice 100 pips, and we will be setting our stop loss at 0.68300 which is below the previous major resistance.
Happy trading! More updates on this trade will follow!