U

AUDUSD approaching important trend line

U  
FX:AUDUSD   Australian Dollar/U.S. Dollar
42 1 0
After taking full profits on the short break of the wedge pattern, prepare for either a bounce up or break down off the upcoming red trend line.

On a bounce up off the line, buy above 0.788, and target around 0.795.

On a break below the line, sell on the break and target 0.782 - with the chance to continue trending down, you could leave your short trade open and adjust your stop loss to lock in profits.
U
2 years ago
Well, it never got down to the line after all, so no trade has been entered yet. It will no doubt get there at a later stage though, so this idea hasn't been completely discarded.
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