AUD/USD: Long if we break out of the flag!
Possible flag, if it breaks, could send the AUD further upwards! Or down, we can never know until we see it happening...
I'll wait for a breakout and consolidation above the upper trendline to go long. If we break down, I might short it, the target could be the previously broken trendline below.
Targets:
- Zone at the 50% retracement of the last big move down and the 161.8 projection of wave 1 from the low at 2 (depending on where it ends).
- Leaving a considerable part open for targets higher up (zoom out in the chart or check higher timeframe ideas).
SL:
Below the lowest low of the retracement.
I'll wait for a breakout and consolidation above the upper trendline to go long. If we break down, I might short it, the target could be the previously broken trendline below.
Targets:
- Zone at the 50% retracement of the last big move down and the 161.8 projection of wave 1 from the low at 2 (depending on where it ends).
- Leaving a considerable part open for targets higher up (zoom out in the chart or check higher timeframe ideas).
SL:
Below the lowest low of the retracement.
Trade active:
Long from 0.7338, SL at 0.7290, TP to be decided...
