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 withing a on the 4h chart and is respecting the on each occasion. The price has pushed right down to the , touched and bounced. I'm expecting a few more tap on the lower 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 at 0.70500. However, if broken then we will be looking at 0.7200 level.
If the price action breaks and closes below the 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. is seriously oversold and price is at a key level.
Let me know your thoughts.
Trade safe and good luck.