AUDUSD trade idea update.
The pair has successfully broken out of a descending channel to the upside, currently testing a resistance level. Price is expected to retest the descending channel from the upside, to gain enough momentum for the upside continuation. Taking short positions with tight stops to 0.77000.
If price goes in our favor and successfully retests, we will be looking for long opportunities with entry points at 0.76800- 0.76600, stops at 0.76200, Targets 0.77300, 0.78000 respectfully,
N.B. Trading ideas are subjective. Individual analysis advised.
The pair has successfully broken out of a descending channel to the upside, currently testing a resistance level. Price is expected to retest the descending channel from the upside, to gain enough momentum for the upside continuation. Taking short positions with tight stops to 0.77000.
If price goes in our favor and successfully retests, we will be looking for long opportunities with entry points at 0.76800- 0.76600, stops at 0.76200, Targets 0.77300, 0.78000 respectfully,
N.B. Trading ideas are subjective. Individual analysis advised.