The trade from last time is still active and still looking bullish. I entered in a long trade at 0.7125. The pair is showing bullish signs and there is no reason to take early profit. I am looking at the daily candle and it is a bullish engulfing that gives us even further confirmation of the buyers at these levels.
AUDUSD Trade Idea
Today’s trading idea is coming from AUD/USD. There is a very similar scenario that has formed there. The daily candle is a bullish engulfing and it actually engulfs two candles. We are just below a resistance area, but I believe we will see a breakout from these levels (0.7500). My entry is at the current market levels or on a retest of 0.7500. My stop-loss would be placed just under 0.7400. My first target is the level of 0.7580. My secondary target is the level of 0.7700.
Interested in AUDUSD technicals? Check out the key levels
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
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