AUD/USD Bullish Setup - Patience though...

My bias on this pair is that price is pushing higher after a very long time of bearish price action. The bear trend has been broken which has been represented by the purple line. Price broke out and retraced to past the 0.786 retracement zone and now we are going higher. I am currently in a long trade but I have noticed another set-up within my set-up!

Price is currently looking to retrace, I'm not sure what retracement zone will be the reversal (I am suspecting the 0.618) but we should be patient, way for price action to move lower then action that BUY order up to the 1.27 take profit zone which lines up perfectly with the previous high.

Kommentera:

0.618 fib zone has been hit to the tee! Up we go!