This pair has performed well recently. AudUsd is at interesting LVL at h1 & m5 timeframe. Its a demand zone & price has bounced quiet well from that demand. It will look like train has already left but, believe me I have seen this setups plenty of time, where they make a small pull-back again to the start point to continue its momentum. Moreover, if it retrace then we get a good minimised risk of 20-25 pips which will get us good R:R. Initially I am expecting price to test LVL @ 0.94200 handle & depending on its reaction there we will be able gauge either it will bounce off there for mega down trend resumption of it will break to north. All said, trade management is crucial, scaling out @ initial stages & scaling in @ later stage is key to any position building & risk management. In the meanwhile lets wait for our entry to be triggered. Persistence // Patience // Trade management is the name of the game. Lets practise patience here.
Cheers!
Edit - If price goes past 0.92800 then leave it alone, any retracement there after should not considered for entry. If we need to take entry then it has to happen now or no play here.
Cheers!
Edit - If price goes past 0.92800 then leave it alone, any retracement there after should not considered for entry. If we need to take entry then it has to happen now or no play here.