AUDUSD | "W" Pattern, Bounce Off .382 Fib, RSI Divergence

Market buy. See chart. Post your comments, questions, and analysis below.

Trade active:

I entered long at the breakout. If you are considering a long position as well, I suggest that you set a limit buy in anticipation of a retest of the broken structure. There is a possibility that a retest won’t occur, but this will allow you to secure a more healthy entry and higher risk:reward. Below is a low timeframe analysis for long entries

Comment:

If this minor channel breaks to the downside then we can look for long entries based on market structure (blue scenario). Otherwise, price can continue to move up within this channel

Trade closed: target reached:

Minimum target reached

Trade closed: target reached:

Extended target (1.272 extension) reached with 0 drawdown throughout