Eleazarahmath

AUD/USD Long Setup: Strategic Entry at 0.665

Long
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
We plan to enter a long position on AUD/USD at 0.665, aligning with the 50% Fibonacci retracement level and a previous high, which serves as a robust support zone.

As the corrective sequence progresses, entering at this level offers an optimal risk/reward ratio. The bespoke support at 0.665 strengthens our conviction for this trade. Our immediate resistance target is at 0.671, where we anticipate potential profit-taking
Trade active:
Price hit our buy entry and went up at least 25 pips, it is ranging around 0.668 now , feel free to secure profits or move your stop loss to the entry level.
The buy entry was posted on the minds.
Comment:
buy AUD/USD at 0.6657. The medium-term bias remains bullish, supported by a sequence of higher highs and higher lows. We anticipate a lower correction and aim to set longs at this level to achieve a better risk/reward ratio. The entry point at 0.6657 aligns with the 61.8% Fibonacci retracement level, reinforcing it as a strong support level. This level is also where the price rejected yesterday.
Our first resistance target is set at 0.671

Trade closed: target reached:
Price did not reach 0.671 as the original take profit I am taking profits early and closing the trades at 0.6695
Trade active:
We are looking to buy AUD/USD at 0.663, which aligns with the 61.8% Fibonacci retracement level on the 1-hour timeframe. The medium-term bias remains bullish, suggesting a potential for an upward movement after a corrective phase.


Technical Indicators: The hourly chart indicates a potential further downside before the uptrend resumes. This provides an opportunity to enter a long position at a favorable risk/reward level.
Support and Resistance Levels:
Entry: 0.663 (61.8% Fibonacci retracement level, aligning with bespoke support)
Stop Loss: 0.6584 (set below the bespoke support level to protect against deeper pullbacks)
Take Profit: 0.67 (targeting the previous high, aligning with the resistance level)
Strategy:

As the corrective sequence continues, we aim to set longs on a dip, capitalizing on the better risk/reward ratio provided by the Fibonacci retracement.
The current price action suggests further downside in the short term, offering a strategic entry point around the 0.663 level.

By following this plan, we aim to take advantage of the bullish medium-term trend while managing risk effectively with well-defined stop loss and take profit levels.
Comment:

New entry 0.665
Trade closed: stop reached:
Fed meeting ruined this trade new trade coming.

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