On the 4-hour time frame, it appears that the price is testing the previously resistant level of 0.6512 on the daily time frame. The AUD seems to be recovering some of its losses from 2023 since the end of January. However, I believe that before we see the price break through that area, we will see a retracement that touches the 0.64 area before continuing. If the market closes below 0.65, I will consider shorting with a stop at 0.652 and a target area around 0.64.
Trade active:
The market has moved in my direction, but I am aware that the price of 0.643 is a strong resistance level and the market could bounce back from here. Therefore, I usually close half of my position at this point and let the rest run. Today, as I can monitor the market on an hourly basis, I won't change my stop to 0.
I also believe that the market will consolidate at this level before making the next push. If the market rejects around 0.648, I might consider selling again.
I also believe that the market will consolidate at this level before making the next push. If the market rejects around 0.648, I might consider selling again.
Trade active:
I don't like wasting a good trade and I am busy now. The stop has been moved to 0.644.