FX.co ★ Tips for trading AUD/USD

Following a sharp reversal at 0.69, which formed a double top in AUD/USD, a deep pullback occurred in the pair, right along the breakout zone in H4. An upward movement will likely continue from this level.

Considering the three-wave (ABC) pattern where wave "A" represents the price increase during the second week of July, traders could open long positions up to the 38.2% Fibonacci retracement. Set stop-loss at 0.66 and take profit upon the breakdown of 0.69.

The trading idea came from the "Price Action" and "Stop Hunting" methods.

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