AUDUSD (1D): Short-Term Retracement Trade
Updated
AUDUSD Timeframe: 1D
Direction: Short
Confluences for Trade:
- Price action at 23% Fibo level
- Price action at a Short-Term Resistance Trendline
- Price action at a Horizontal Trendline
- It needs alot of positive fundamentals to push the AUD up further for now
- Pair recently broke out from a triangle, likely to retrace and test back the triangle support
- Stochastic Overbought momentum (D1, H4 and H1)
However, do note that this is a short term trade idea. The long term trade idea is as per previous post (linked below).
Suggested Trade:
Entry @ Area of Interest 0.7250 - 0.7290
SL: 0.7326
TP: 0.7171
RR: Approx. 2.37 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Trade active
Note
Lock in profits for half the position and move SL to BE.Run the remaining position totally risk free.
Trade closed: target reached
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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