Currency pair - AUD USD
Sell at - 0.68102
Take profit at - 0.665
✔ Profit AUD USD 160 points
Last week, the AUD/USD pair showed a green candle, indicating an uptrend in the market. The current movement leg has also been upward, further supporting this trend. However, it is important to note that the resistance line is approaching, and the upper Bollinger Bands (BB) proximity suggests that an overbought condition may soon be reached. In light of this, it is prudent to consider a counter-trend strategy and initiate a short trade.
The target for this trade is set at 0.665, as this level is expected to serve as a key point of reversal. By taking a contrarian approach to the prevailing trend, traders can potentially capitalize on the imminent correction in the market. It is essential to closely monitor price action and key support/resistance levels to effectively manage risk and maximize profitability in this counter-trend trade.
Comments
Submitted by Anonymous on Fri, 01/05/2024 - 14:21
Take Profit AUDUSD 160 points