AUDUSD Update.
AUDUSD has been tanking in a descending channel from the 6th of January, bouncing off of the channel's support and resistance trend lines. The pair just recently broke out to the upside, currently testing a resistance level. Is this a fake out or a break out? Here, we wait for price to retest the descending channel from the upside and take long positions if price breaks through resistance zone. Entry Point 0.77500, Stops 0.76500, Target 0.78500.
N.B. Trading ideas are subjective. Individual analysis adviced.
AUDUSD has been tanking in a descending channel from the 6th of January, bouncing off of the channel's support and resistance trend lines. The pair just recently broke out to the upside, currently testing a resistance level. Is this a fake out or a break out? Here, we wait for price to retest the descending channel from the upside and take long positions if price breaks through resistance zone. Entry Point 0.77500, Stops 0.76500, Target 0.78500.
N.B. Trading ideas are subjective. Individual analysis adviced.