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AUDUSD Price Action Analysis – 2nd Aug 2017
AUDUSD had a strong bull trend on the Daily chart. The pair has been on consolidation. However, the bullish trend line is intact and I assume that the pair might offer us a long entry today as far as today’s price action is concerned. Let us have a look at the H1 AUDUSD chart…
AUDUSD Price Action Analysis – 2nd Aug 2017
The level of 0.79400 seems to be the level of support. The price had a bounce from this level earlier as well. Now the price has to make a breakout at 0.79730 and then come for a correction right at the breakout level. It means we are hoping an ABC pattern to take the entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.79730
- Stop Loss Level: 0.79400
- Take Profit Target: 0.80580
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
As we normally see that, the price continues towards the trend for at least one more candle sometimes even more after the breakout. We need to get that kind of price action here as well. Another thing, today the USD has a high impact news event at 12.15 GMT. I assume the signal would come after the news event. In fact, that would be the safest option for us. By any chance, the signal comes before the news event; I mean to say if the London open makes the breakout, then the reversal candle has to take place at least 2 hours before than the USD’s high impact news event.
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