AUDUSD: Asymmetrical Triangle Resistance Bounce
AUDUSDTimeframe: 1D
Direction: Long
Confluences for Trade:
- Bullish candle formation
- Stochastic exiting Oversold conditions
- Price action from flash crash yesterday reversed off internal triangle support and closed above the asymmetric triangle's resistance
- Fundamentally, the algorithm trading flash crash yesterday is not considered a trend but just a one-off situation; USD strength is slowly unwinding itself due to overlong positions from previous talks about FED hike's path; currently, the chances of FED hiking further is looking dimmer each passing day and it is a positive for other asset classes.
Suggested Trade:
Entry @ Area of Interest 0.6950 - 0.7050
SL: 0.6863
TP: 0.7517
RR: Approx. 3.30 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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