For quite some time AUDUSD has been travelling in a horizontal channel. It has been bouncing up and down in between the zones marked out above. Price has started making some higher highs, meaning that we could be seeing a rally to the top of the channel. We expect price to come backdown to test the black trend line marked out above before making it's rally up.
I am demo trading and documenting my progress. This is not intended to be a buy signal !
Ascending Trendline Structure on 4H
Possible Retest of 4H Support - BUY To 4H Trend Line Structure
Buy Limit - 0.70040
SL - 0.6979
TP - 0.7069
Second Position - Buy Stop - Dependant Upon Market Structure At That Point
SL - 0.70450
TP - 0.71360
AUD USD, Thanks to Trump, for giving a great opportunity for a long.
A retest of the Trend line
Retest of 0.71550
61.8% FIB aligned with 0.71550 and the trend line. Increase the success probability of the set up
I hope this trade help you guys.
All of the best
Aussie has been moving like this for a while now, bouncing between 0.7440 and 0.7360 without showing any clear breakout yet. I managed to catch a short swing trade today on the 4 hourly chart but looking for some better opportunities once this range breaks.