AUD/USD: 4-hour
Entry: 1.0280 (market)
Stop loss: 1.0195
Profit target: 1.0500
Indicators: none
I’ve switched bias on AUD for now after Steven’s speech. It seems that they aren’t as dovish as they appear, so I think we could see a recovery on AUD pairs. That said, I see a double bottom forming on this pair, so I expect the pair to continue trading higher, and likely break the neckline at 1.0370. However, if price does hit the neckline and find resistance, I will move my stop to breakeven, and even possibly consider closing my trade early. Ultimately though, I’m aiming for 1.0500, as a breakout move from the neckline could lead to an extension of the move equivalent to the height of the double bottom