AUDUSD Current Market Position - Bottom of the Range

Mar 6

In this position, I’m looking to go long on AUD/USD with a target around 0.7180. If it dips to 0.69900, it’s a buy with a stop loss below the low at 0.69440. The pair is respecting the bullish structure after completing its downside targets.

Mar 10

Trade active

The market finally opened lower on Sunday but regained its strength and is now heading toward the central target. At the floor of a bullish structure's range, buying is the only option if you want to achieve an optimal combination of risk-reward and win probability. When the price prints the first candle that breaks back into the bullish structure, it serves as a signal that the strength remains and the upside plan continues.