FX.co ★ Trading tips for AUD/USD

Following the sharp decline in AUD/USD last week, traders should bet on a further price decrease towards the level of 0.7065.

At the moment, there is a three-wave pattern (ABC) in the pair, in which wave A represents the bearish pressure last week. Traders should look at this and start selling from the 50% retracement level, with a stop-loss order set at 0.7065. Exit the market by taking-profit upon the breakdown of 0.6860.

This trading idea is based on the "Price Action" and "Stop Hunting" methods.

Good luck in trading and have a nice day! Don't forget to control the risks.