Hello traders,
I hope you had a great week of trading this week. Below I have an interesting setup for this AUDUSD pair. As you can see the price action has created a nice ascending channel withing a descending channel on the 4h chart and is respecting the trend line on each occasion. The price has pushed right down to the trend line, touched and bounced. I'm expecting a few more tap on the lower trend line and a massive upward move towards 0.70500 level and that's my tp for now as you can see that the uptrend might be capped by the original descending trend line at 0.70500. However, if broken then we will be looking at 0.7200 level.
If the price action breaks and closes below the trend line then the trade will be invalid and I will be waiting to close the trade manually at break even. Otherwise this should be a nice trade for over 150 pips. RSI is seriously oversold and price is at a key level.
Let me know your thoughts.
Trade safe and good luck.
I hope you had a great week of trading this week. Below I have an interesting setup for this AUDUSD pair. As you can see the price action has created a nice ascending channel withing a descending channel on the 4h chart and is respecting the trend line on each occasion. The price has pushed right down to the trend line, touched and bounced. I'm expecting a few more tap on the lower trend line and a massive upward move towards 0.70500 level and that's my tp for now as you can see that the uptrend might be capped by the original descending trend line at 0.70500. However, if broken then we will be looking at 0.7200 level.
If the price action breaks and closes below the trend line then the trade will be invalid and I will be waiting to close the trade manually at break even. Otherwise this should be a nice trade for over 150 pips. RSI is seriously oversold and price is at a key level.
Let me know your thoughts.
Trade safe and good luck.
Trade closed: stop reached