AUDUSD Long Setup

5 בינו׳ 2020

AUDUSD Long opportunity as shown in the chart. There has been lots of bullish momentum in this pair through December and with rising tensions between the US and Iran I see no reason as to why that bullish momentum will change. Looking at the technicals, we can see how price retraced back down after it's last impulse leg and has found support at a previous resistance level. This also lines up nicely with the 50.0 Fibonacci Retracement level as shown by the horizontal line (I removed the Fib line for tidiness).

3.5 Risk/Reward Ratio on this one!