AUDUSD on the daily time frame had previously made a head and shoulder pattern should is a typical reversal pattern, and price has reached and went beyond the profit taking level which is the neckline to the top of the head. Price is approaching a very strong support zone which have been previously tested twice as a resistance level and formed a triple bottom level after price have broken out, there is also a confluence of 61.8% fib retracement. Take profit target will be set at 0.75806 with a partial take profit level at 0.73255 as the immediate resistance. Stop loss will be place at 0.69544 which gives at least a 4.76 risk reward ratio
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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.