AUDUSD: Rectangle trading pattern breakout
Updated
AUDUSDPrice has broken out of rectangle trading pattern (pink lines).
MACD upwards cross close to the zero-line.
Break-out was fuelled by high-volume(>20k on the 15 minute chart).
Price currently retracing to top of rectangle.
If next candle closes as a doji or hammer and fails to break back into rectangle. Confirmation to enter a long position with a tight stop-loss as shown. Stop-loss placed at the minor resistance when price was trading in the rectangle trading pattern (lower white line).
Take-profit is expected at the height of the rectangle (Higher white line).
Thanks, trade well!
Note
Height of rectangle reached. Full take-profit can be done now.Thanks!
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