Entry: 0.6680 Take Profit: 0.6870, 0.6800, 0.7500 Stop Loss: 0.6645
Technical Rationale: Entered a long position on AUDUSD based on sustained trading above the 200 EMA, indicating a robust bullish sentiment. Additionally, a retracement to the "golden zone" in Fibonacci levels supports the potential for an upward move.
Current Position Status: Despite a temporary drawdown near the Stop Loss, the position is active, presenting an entry opportunity for interested traders.
Market Analysis: Market conditions favour the ongoing bullish outlook, with the price consistently above the 200 EMA and a favorable Fibonacci retracement.
Trade Strategy: Strategically placed Take Profit options at 0.6870, 0.6800, and 0.7500 reflect anticipation of various potential upward moves. Stop Loss at 0.6645 serves as risk management.
Conclusion: The AUDUSD long position is supported by technical factors, and despite initial challenges, the position remains active. Market conditions may offer an entry opportunity. Disclaimer: Trading involves risk, and past performance is not indicative of future results. Conduct thorough analysis and exercise due diligence.
Comment
⋅
Adjust SL to 0.6635 (10 pips) to allow a little more space.