AUDUSD has been in bullish trend since early June'12. Higher high and higher low has been formed after the strong rejection at 0.9600.
I have just entered a long position on this pair just now as there is a price action signal. A bullish engulfing bar has been formed at support level (1.04000) which turned from resistance level indicating price action signal for upward movement.
The target profit we wish to get from this setup is at 1.08000 which is slightly lower than the second key resistance level (2nd red line). However, we should also pay attention at 1.06250 level as it is first barrier that the price going to face, as it is the level where the price faced obstacles before and retraced back to support level (1.04000). Should there be any bearish price action signal at 1.06250, we will close the position with small profit.
I hereby posted the price chart on the setup:
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| AUDUSD - Daily chart |
The setup of this trade is as follow:
Entry : 1.05149
Profit Target : 1.08000
Stoploss : 1.04000
Reward : 2,851 pipettes
Risk : 1.149 pipettes
R/R ratio : 2.48
(Note: The above calculation not inclusive of spread charged by different brokers)
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