Dear AUD/USD Trading Signal Traders
The trading signal from last time did reach our target. I did not manage to take profits exactly at the place where I was supposed to. I hesitated slightly and took them a bit below my initial target. What happened later was price hesitating between minor support and resistance levels trading in a small range and going nowhere.
Today, I am looking at kiwi’s brother- the aussie. I believe that there is a reason to take a small long position. A small for a major reason- it is against the trend and I usually either escape trading against the trend or try with smaller positions. I am looking at a failed support break. There is a dog-like pin par that formed on the daily timeframe. If not a major trend change, I believe this would give a reason good enough for shorter-term traders to go long. The R:R for this trade is not going to be great, but enough for the more risk-eager amongst you. I am looking to go long at 1.7217 and place my stop just under 1.7170. My initial price target is the level of 1.7260. If price action does not negate the signal around those levels, I will try to let it run until 1.7400.