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DAILY FOREX IDEAS

AUDUSD Long?

Good morning traders.
Here is an interesting situation in the AUDUSD, as we can see the price is approaching a daily barrier (series of tops) within the 0.7092-98 levels. If it breaks (and it should) it should move up to 0.7180+ area.

Also we see that a Head&Shoulders pattern might be forming and that it is close near its neckline trendline resistance zone which also gives a target in the same 0.7180+ levels.

So it might be worthed to take a long trade when the price breaks through 0.7098 – with a market order or a limit buy stop order – and a stop loss of 40+ pips will still give you 2/1 Risk/Reward Ratio which is always good.


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