Another long setup
AUDUSD has completed it's correction/re-test, and now on the way to rise further up.
I believe AUD is highly under valued, however the situation will only gets better when their economy gets out from COVID and other pressures.
The move can target high to 0.74, however I'll be trading on daily basis so current target will be just under 0.7357 which is a fib based figure.
SL: below the trend line - again very tight at 0.73, you can set your SL lower in case of any impulsive move. -- for this one I think the direction is clear, unless the AUD economy data coming out is going to be as negative as the US ones.
TP: fib based, also a previous resistance around 0.735. Be aware the current high 0.734 is already a strong resistance, so let's see how it goes.
GL.
I believe AUD is highly under valued, however the situation will only gets better when their economy gets out from COVID and other pressures.
The move can target high to 0.74, however I'll be trading on daily basis so current target will be just under 0.7357 which is a fib based figure.
SL: below the trend line - again very tight at 0.73, you can set your SL lower in case of any impulsive move. -- for this one I think the direction is clear, unless the AUD economy data coming out is going to be as negative as the US ones.
TP: fib based, also a previous resistance around 0.735. Be aware the current high 0.734 is already a strong resistance, so let's see how it goes.
GL.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.