I have noticed that many traders are looking for long trades on AUDUSD. In this trading idea, I suggest you focus your attention on potential harmonic abcd pattern. D point of the pattern lies perfectly on the horizontal structure support level 0.7. A lot of buying orders are opened around this level so it will be a high chance to see a pullback. Levels for targets: 0.703 and 0.705
Thanks for the update. As you may recall I had this short as well, but have been contemplating closing out.
VasilyTrader
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@Dchuel, you are welcome!) in my view, it is reasonable to set the target on short trade bit above 0.7
D_FX
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@VasilyPonomarev, Yeah I agree. When looking it over that's roughly where I figured we could see a turn so I'd like to see just a bit more downside to that area then I'll exit. Great work
VasilyTrader
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@Dchuel, yes yes + we can always execute trailing stop :)
D_FX
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@VasilyPonomarev, Yes sir! Also, I'm feeling good about continuation on the NZD/USD to the downside. Kindof in the same situation with structure getting close at around .6717 give or take, but I'm seeing more of a move to the downside vs the AUD. Good luck man
VasilyTrader
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@Dchuel, yes, nzdusd and aud show very strong correlation!) good luck!)