SUMMARY: The primary trend of AUD/USD is bullish on charts and price is trading below the trend line in its 30 min. chart. In 30 min. chart the price is sustaining above 200 day SMA and is taking support of 50 day SMA indicating uptrend of the pair. It is having an important resistance at the level of 0.7626 and support at the level of 0.7565. If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.
INDICATORS:- MACD is sustaining in its positive territory indicating the bullish trend in the pair. RSI is sustaining in its buying zone indicating the upcoming bullish trend in the pair.
STRATEGY: AUD/USD is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.
Hi, thank you for your post. I did not take this trade (luckily) and just would like to learn a couple of things. Where have you put your stop loss? I would have put it below the two previous bottoms, around 75620 and price would have reached my stop (lowest price 75511). Then where did you put your TP? I would have put my target at 76500 but price did not hit it (highest price 76486).
TheBanker
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Hi Lucas, thanks for your comment - I had SL trailing from under the broken trend line after we had a break and close to the upside.. wrt .76500 target, yes missed by 1.4 pips, closed around 27 in the green :) Cheers