2 Potential Trade Setups for AUDUSD - TARGET: 0.6460
AUDUSDLooking at AUDUSD, I can see 2 potential trade setups.
Trade Setup 1: Elliott Wave Analysis
It looks like we've seen the top of a potential leg one with a change in price structure (lower lows and lower highs). So we're now looking for entry at the end of leg two which usually comes back to 61.8% of Leg 1. Entry at 0.5920 area, with SL at 0.5860 area.
Trade Setup 2: Institutional mitigation of lows
If we see a further breakdown in price, there's every potential to see a move back to 0.5650 area. I'll trade here with stop at about 100 pips below if first move is not successful and will keep this trade idea place for the long term even if Elliott Wave pattern is completed successfully.
This idea doesn't constitute advice; confirm using your own analysis and risk management.
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