AUDUSD: Potential Long At Structure?
Hi Traders,
We can see that from the initial low put in early last month AUDUSD has been in a bullish rotation. The structure zone of 0.7160-80 has been respected on a number of tests recently. Therefore I think it provides a good trading opportunity with a decent R:R. For anyone trading Aussie this week keep in mind we have RBA rate decision tomorrow (Tuesday) and Trade Balance on Wednesday during the Asian session, also let's not forget about NFP on Friday.
See chart for long setup.
Alternatively, if you have a bearish bias on AUD and prefer to look for selling opportunities.
A breakout below 0.7150 with stops above 0.7180 looking for targets of 0.7080 and 0.70250 is a good way to express that bias.
We can see that from the initial low put in early last month AUDUSD has been in a bullish rotation. The structure zone of 0.7160-80 has been respected on a number of tests recently. Therefore I think it provides a good trading opportunity with a decent R:R. For anyone trading Aussie this week keep in mind we have RBA rate decision tomorrow (Tuesday) and Trade Balance on Wednesday during the Asian session, also let's not forget about NFP on Friday.
See chart for long setup.
Alternatively, if you have a bearish bias on AUD and prefer to look for selling opportunities.
A breakout below 0.7150 with stops above 0.7180 looking for targets of 0.7080 and 0.70250 is a good way to express that bias.
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