FX.co ★ Tips for trading AUD/USD

Following the release of US unemployment data, AUD/USD broke out of the bearish consolidation and closed with a bullish pin-bar, which signals an upward movement in the pair.

Use Fibonacci retracement levels as a reference point for finding long positions.

Looking at the three-wave pattern (ABC), where wave "A" represents last week's momentum, traders could consider long positions, with stop-loss set at 0.62800. Take profit upon the breakdown of 0.65224 and 0.69000.

The trading idea follows 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.