AUDUSD Approaching a Hot Zone! Update
Profit(pips)=+145+148=+293
Update: Closed second half at 0.9373= +148
Update: Hit first target
Update: Reached more than 90 percent of first target and therefore moved stop loss to break-even.
In my previous idea, I was waiting for a retest of the hot support zone i mentioned among 0.9200-0.9250 to go long,(please check the link below). Indeed, price provided this dip lower following the NFP release, i was able to long the pair at 0.9225, targeting 0.9370 and 0.9450 resistance levels, with a stop just below the confluence of support levels at 0.9125. Luckily, price rebounded before the end of session, forming a major pin bar at that support area, making me more optimistic that it would hold.
Good Luck, Join me @
twitter.com/thefxchannel
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Previous Analysis:
Tracing price action since March 25 bullish breakout:
-Bullish rally extended on Inverted head and shoulders breakout.
-Price hit 0.9280 resistance level, showing pin bars at resistance
- pullback was shallow towards 0.9200
-The price broke above 0.9280 confirmed 0.9337 and 09445 upside targets.
- Price was rejected at 0.9445 resistance, hit my downside target at 0.9300 and below.
- Note that the Full target of the IHS pattern is near the 0.786 retracement at 0.95
Update: Closed second half at 0.9373= +148
Update: Hit first target
Update: Reached more than 90 percent of first target and therefore moved stop loss to break-even.
In my previous idea, I was waiting for a retest of the hot support zone i mentioned among 0.9200-0.9250 to go long,(please check the link below). Indeed, price provided this dip lower following the NFP release, i was able to long the pair at 0.9225, targeting 0.9370 and 0.9450 resistance levels, with a stop just below the confluence of support levels at 0.9125. Luckily, price rebounded before the end of session, forming a major pin bar at that support area, making me more optimistic that it would hold.
Good Luck, Join me @
twitter.com/thefxchannel
----------------------------------------------------------------------
Previous Analysis:
Tracing price action since March 25 bullish breakout:
-Bullish rally extended on Inverted head and shoulders breakout.
-Price hit 0.9280 resistance level, showing pin bars at resistance
- pullback was shallow towards 0.9200
-The price broke above 0.9280 confirmed 0.9337 and 09445 upside targets.
- Price was rejected at 0.9445 resistance, hit my downside target at 0.9300 and below.
- Note that the Full target of the IHS pattern is near the 0.786 retracement at 0.95
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