Technical Confluences for Trade: - Stochastics are in Overbought Conditions on D1 time-frame - Price action is at a Consolidation Zone - Aiming for the 50% Fibo retracement to TP
Fundamental Confluences for Trade: - US yield differential against AUD will support USD - China's economy is still struggling to improve and dampening AUD's growth potential
Suggested Trade: Entry @ Area of Interest 0.6550 - 0.6560 SL @ 0.6596 TP 1 @ 0.6505 (Close Half-Position & move SL to Entry level once TP1 is achieved) TP 2 @ 0.6479 Risk-to-Reward @ Approx. 2.10 (Depending on Entry Level)
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Comment
TP 1 achieved. Take profit on half the position and move the SL to Breakeven levels.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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