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Trading idea for the AUD/USD pair

Trading idea for the AUD/USD pair

AUD / USD traded sideways, as a result of which a horizontal channel was formed at 0.76650.

Taking this into account, it would be profitable to open long positions, the strategy for which is presented below:

See also: Start Forex trading with a deposit starting from 1 USD.
Trading idea for the AUD/USD pair

In the trading chart, since the quotes form an Elliot wave (ABC wave pattern) where wave A is the upward initiative last April 1-5, traders can open long positions from 0.76 in order to set off a 50% rollback towards 0.76650. Place limit at 0.75500.

Of course, we need to remain cautious as this financial market is precarious, but also profitable as long as the strategy used is correct.

The plan above follows the classic and trusted Price Action and Stop Hunting methods.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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