AUDUSD Future LONG (240 Chart used for clarity, 60 Entry)
AUDUSD rallied away strongly from ~0.77400 on its way to the 0.79000 mark taking out intermediate supply.
If supply has truly been wiped out and demand is significantly higher at ~-0.78300, price should rally from there.
Using Fibonacci tools for targets, the 0.78300 area is also the .50 of the initial up move. This suggests an extension to the 1.618 is likely. The 1.618 extension is coincidental with psychological resistance of 0.80000.
EP: ~0.78300
SL: ~0.78215
TP 1: ~0.78800
TP 2: ~0.80000
R/R 1: ~6:1
R/R 2: ~20:1
This is possibly a longer term trade which may be boosted or obstructed by NFP news.
If supply has truly been wiped out and demand is significantly higher at ~-0.78300, price should rally from there.
Using Fibonacci tools for targets, the 0.78300 area is also the .50 of the initial up move. This suggests an extension to the 1.618 is likely. The 1.618 extension is coincidental with psychological resistance of 0.80000.
EP: ~0.78300
SL: ~0.78215
TP 1: ~0.78800
TP 2: ~0.80000
R/R 1: ~6:1
R/R 2: ~20:1
This is possibly a longer term trade which may be boosted or obstructed by NFP news.