AUDUSD should trade higher in the coming days since it felt support at around the 0.7507 level.
The entry came shortly after a disappointing US ISM Manufacturing PMI data release.
AUDUSD break out the descending trendline and approaching to confluence between Weekly trendline and monthly channel. A good RR for an intra day long towards 0.772 area with a tight SL near 0.765
I started this position yesterday and forgot to chart it. Anyways, I just added to it. Check weekly, its developed a flat top triangle which I believe it will break out to the upside.
On daily, chart the AUD USD will go down but i see a very good opportunity on a short term long position, with very less risk and high reward ratio. What do you think about this trade ? Thanks
Similar Idea linked below :-
AUDUSD has been making a series of Higher Lows.. This potential Bat Pattern will be an ideal spot to take a long on this pair. It will give you great Risk/Reward. I will be using it as spot for a TCT (Trend Continuation Trade) and will be targeting the recent highs. I will be trailing my stop on the way up IF the market allows me to.
Best of Luck
