-INTRODUCTION-
AUDUSD has been moving in a wide descending channel. The price has recently reached a new low at the 0.6850 level. From the support level, the price nicely retraced and now aims to test the resistance level of 0.7300, which would be a 450-pip retracement. This is a great price movement from the bottom because a larger retracement could generate a better risk to reward ratio trade to target the recent new low.
-TRADING PLAN-
Our area of interest to watch for the sell entries is in between the level of 0.7300 ~ 0.7400. From this area, we will look for a consolidation pattern. We will also monitor the RSI potentially reaching the overbought area.
We will update this idea with a new post when the price reaches the area of interest :)
Check out our ongoing and recent retracement trading ideas below :)
AUDUSD has been moving in a wide descending channel. The price has recently reached a new low at the 0.6850 level. From the support level, the price nicely retraced and now aims to test the resistance level of 0.7300, which would be a 450-pip retracement. This is a great price movement from the bottom because a larger retracement could generate a better risk to reward ratio trade to target the recent new low.
-TRADING PLAN-
Our area of interest to watch for the sell entries is in between the level of 0.7300 ~ 0.7400. From this area, we will look for a consolidation pattern. We will also monitor the RSI potentially reaching the overbought area.
We will update this idea with a new post when the price reaches the area of interest :)
Check out our ongoing and recent retracement trading ideas below :)
