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