Potential Long Position for AUD/USD_Trade Plan 2017.06.27
Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 and H4 are both showing the overall trend is still up with price is still moving above MA200 and major D1 support area 0.74921 - 0.75145.
Currently, in H1, price coming back up above MA200 and breaks above resistance area 0.75649 - 0.7576.
Thus, the overall market bias is up in all the above timeframes.
Trade Plan 1:
If price pull back to previous resistance area turns to support 0.75649 - 0.7576 (confluenced with MA200 and area between Fibo Ret 38.2% - 50%) and rejected up, long the market.
With Stop Loss 15 pips and Target Profit 45 pips, the potential trade offers 3.00 Reward-To-Risk Ratio.
Keep in alert if price going back down below MA200 massively, the trade setup would be invalidated.
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