AUDUSD: Likely going up after retesting support

I think we can see a rally against the dollar here, and in other pairs naturally. This one happens to have a nice setup overall and has positive carry. You could risk a drop under yesterday's low, or 1-3 atr below 0.7475. There's upside to retest the next resistance level initially, eventually, one day it could break out in the monthly, but it's hard to put your finger on it and say, ok here it goes.

Good luck,

Ivan Labrie.

Kommentera:

I don't like the action, right off the bat. Either exit, or be patient and wait a few days. I'd rather exit, FX hasn't been too profitable for me for a good while. It feels almost pointless to trade it, outside of hedging equity longs with safe haven currencies or metals...

Trade stängt manuellt:

After making confusing intraday gyrations, price eventually shot up. It seems like the trade was a good idea, but, since I wanted to reduce risk, I'm not in it, and only in the Euro.