AUD/USD LONG (time to short the dollar)
Updated
Okay guys - my previous AUD/USD idea was only a short-term (short) scalp of the market.
My technical analysis consists of a combination between descending trend-line (which has been re-tested at the 0.716 level of support/resistance).
Now I will be looking for a re-entry on my long position to ride this potential up-trend continuation - after seeing weakness in the US stock market and the dollar index. However, I will be using a narrow Stop Loss.
Disclaimer - Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade. Stick to your trading plan, no matter the market conditions.
My technical analysis consists of a combination between descending trend-line (which has been re-tested at the 0.716 level of support/resistance).
Now I will be looking for a re-entry on my long position to ride this potential up-trend continuation - after seeing weakness in the US stock market and the dollar index. However, I will be using a narrow Stop Loss.
Disclaimer - Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade. Stick to your trading plan, no matter the market conditions.
Trade closed: target reached
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