AUDUSD | Short H4 | Market Exe | Consolidation TradeTechnical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1 time-frame
- Price action is at a Consolidation Zone
- Aiming for the 50% Fibo retracement to TP
Fundamental Confluences for Trade:
- US yield differential against AUD will support USD
- China's economy is still struggling to improve and dampening AUD's growth potential
Suggested Trade:
Entry @ Area of Interest 0.6550 - 0.6560
SL @ 0.6596
TP 1 @ 0.6505 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 0.6479
Risk-to-Reward @ Approx. 2.10 (Depending on Entry Level)
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