Updated 6/30
Although stop loss has been hit, I have been monitoring the trade closely. I seen that the daily candle has closed Bullish and has bounced of strong support zone of .76. Support is holding strong and my bias is Still Bullish.
Trade is still active.
Confluences:
1. Overall USD weakness across the board.
2. Broke out of Triangle (expected the fakeout to retest minor Support)
3. Big Bullish candles to the upside (Strong bullish momentum)
4. AUDUSD has been in a downtrend for many many months. Along with all correlated or US based pairs. I'm expecting a trend reversal. We might be getting ready to head to the upside.
70-80 pips secured around the .78 area. Trade is still active and holding until it reaches next target of .7865. Overall target for me is about .81. New post will be made when price reaches my next Target.
Best Regards
-Phillip
Although stop loss has been hit, I have been monitoring the trade closely. I seen that the daily candle has closed Bullish and has bounced of strong support zone of .76. Support is holding strong and my bias is Still Bullish.
Trade is still active.
Confluences:
1. Overall USD weakness across the board.
2. Broke out of Triangle (expected the fakeout to retest minor Support)
3. Big Bullish candles to the upside (Strong bullish momentum)
4. AUDUSD has been in a downtrend for many many months. Along with all correlated or US based pairs. I'm expecting a trend reversal. We might be getting ready to head to the upside.
70-80 pips secured around the .78 area. Trade is still active and holding until it reaches next target of .7865. Overall target for me is about .81. New post will be made when price reaches my next Target.
Best Regards
-Phillip