I trade the AUDUSD as the margin is low and this pair works well for intraday trading as it can yield 50-95 pips. It trends well so if you are a beginner or intermediate trader it’s a good pair to start with. I have shared with you my trade plan based on my analysis.
Price has reached a monthly and weekly low and support from May 2017. This is also a retracement level of 127% of the last swing.
We have a response from the Bulls and a nicely formed doji candle provides us with a clue to the trend change for the next month.
I have measured the previous years 4 Bullish swings indicated by the blue arrows analysing symmetry for the target area.
We will see another swing up to the area indicated by the red and orange lines. This is the target.
Entry 7412-7385 zone – please confirm on the lower time frame before entry.
Target – 7993- 8111