AUDUSD: Extremely oversold, rallying back to the mode?
Updated
Analysis on chart, we had a bearish trend signal that has been consumed, price hit the target and is starting to reverse.
We can attemp buying above the 0.7061 mark if trading futures, or 0.70624 if trading spot forex, with the stop loss at 0.6905 and 0.69087 respectively.
Rgmov in the spot chart looks really good, forming new highs, sharply, might be an emerging uptrend.
After we're in, we can proceed to scale in on retracements, and to trail the stop up if the trade works.
Good luck!
Ivan.
We can attemp buying above the 0.7061 mark if trading futures, or 0.70624 if trading spot forex, with the stop loss at 0.6905 and 0.69087 respectively.
Rgmov in the spot chart looks really good, forming new highs, sharply, might be an emerging uptrend.
After we're in, we can proceed to scale in on retracements, and to trail the stop up if the trade works.
Good luck!
Ivan.
Trade closed: target reached
Went long twice, first closed in profit, then took a second one which also worked, but I don't think that the target will be reached.Note
See updated idea, it's highly possible that we see continued rallying here.
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