AUDUSD | MT Long H4 | Middle of Parallel Channel

Pair: AUDUSD
Timeframe: H4 - Medium Term (MT)
Direction: Long

Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1, H4 and H1 time-frames
- Price action is now at the middle of a parallel channel
- Price is at 61.8% Fib Extension Level
- Aiming for the 50% Fibo Retracement which the horizontal line shows a supply-demand zone.

Fundamental Confluences for Trade:
- Higher commodity prices is a positive for Australia economy
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and affect this trade

Suggested Trade:
Entry @ Area of Interest 0.6390 - 0.6415
SL @ 0.6351
TP 1 @ 0.6448 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 0.6516
Risk-to-Reward @ Approx. 2.09 (Depending on Entry Level)


May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.

Comment:

Price was close to TP1 levels; you can still TP half the position size and move your SL levels to Breakeven levels.

Trade closed: target reached:

TP 2 achieved.

:D