AUDUSD has been in decent uptrend of late and what we have now is a small bullish pattern continuation setup in the form of a bullish 3 drive pattern.
If USD weakness remains we could see the higher inner trend line break to the upside which can help confirm the patterns strength for some short term gains. If the trend line does break we could take a momentum entry on the topside.
As we are trading the pattern our stop can be placed just below the 3rd lowest low while taking any potential partial profits along the way higher.
If the lower 3 drive trend line breaks below before breaking the higher trend line this would be a void trading opportunity.
Trade active
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Price broke the above trend line nicely and retested to topside for your entry. Using this form of entry can really help with the timing of a trade.
Trade closed: target reached
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Happy to take all profits at this level as its reached the previous highs and price is starting to exhaust a little because of lower liquidity.