FX.co ★ Tips for trading AUD/USD

Following a strong price decrease, AUD/USD went into a correction, breaking a couple of extremes. But, by the end of the day, it bounced back, providing favorable prices for opening long positions.

Considering the three-wave pattern (ABC), where wave A represents yesterday's price movement, market players could open positions up to the 50% retracement level of 1.211.

Set stop-loss at 1.21500 and take-profit at the breakout of 1.20500.

The main target will be 0.69.

The trading idea came from the framework of the "Price Action" and "Stop Hunting" strategies.

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