Are we seeing a change of trend?
Price has been going up since May.
The 78.60 Fib level seems to be acting as a support based on the end of May's price action.
Entry: 0.7580
SL: 0.7500 (Due to FOMC and possible change of trend, I leave a much wider stop than I usually would to protect my position)
TP: 0.7760
If this turns out to be a new trend, the goal will be to ride the wave as long as possible by adjusting my stop at each swing low position.
Price has been going up since May.
The 78.60 Fib level seems to be acting as a support based on the end of May's price action.
Entry: 0.7580
SL: 0.7500 (Due to FOMC and possible change of trend, I leave a much wider stop than I usually would to protect my position)
TP: 0.7760
If this turns out to be a new trend, the goal will be to ride the wave as long as possible by adjusting my stop at each swing low position.
Trade active:
Fingers crossed!
Trade closed manually:
This may have looked like a great long setup but unfortunately support didn't seem to back me up on this one.
Not to mention the FOMC being even more hawkish towards the end of the year basically pushed AUD further down.
And the cherry on top is the lack of positive economic data from AUD vs the better than expected economic date from USD.
Overall, I wouldn't be surprised if it goes back to 0.7400
Not to mention the FOMC being even more hawkish towards the end of the year basically pushed AUD further down.
And the cherry on top is the lack of positive economic data from AUD vs the better than expected economic date from USD.
Overall, I wouldn't be surprised if it goes back to 0.7400