AUDUSD Trade Idea 120521 (Swing Setup)
AUD was in a strong bullish movement last week due to to surprisingly weak US job data vs forecast of which has resulted the pair surge a high of 0.7890 on Monday.
The price tested the support of 0.7800 and managed to breakout of the support zone since Euro session today.
Look for instant sell opportunity till 0.7700
Another sell limit maybe consider if the price were to reverse to retest the support becomes resistant (0.7800) for a better R:R ratio.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
The price tested the support of 0.7800 and managed to breakout of the support zone since Euro session today.
Look for instant sell opportunity till 0.7700
Another sell limit maybe consider if the price were to reverse to retest the support becomes resistant (0.7800) for a better R:R ratio.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Comment:
First TP at 0.7740 as bull pressure may come in at this level, while another may let it swing till 0.7700, due to overall AUDUSD is still in an uptrend in higher TF.
Trade closed manually