AUDUSD – Double Trade (BUY) 2nd April 2021

AUDUSD – Double Trade (BUY) 2nd April 2021 (Closed)

Good morning team,

 

We are taking a look at the AUDUSD as the pair appear to have set up a fake breakdown and we are expecting a bullish move higher along with equities. Risk on is the current sentiment at the moment meaning the AUD should benefit.

AUDUSD 4 Hour Charts

The fake breakdown has taken our SL however we see this set up as a valid option technically and fundamentally.

AUDUSD 1 Hour Charts

There is a possible inverted head and shoulders formation in play, the 0.7590 support will provide an optimal entry for our second position.

AUDUSD 1 Hour Charts

Trade Setup 1) BUY market execution, current price 0.7630, stop loss 0.7550 and take profit 0.7810.

Stop loss: 80 pips

Take profit: 180 pips

Trade Setup 2) BUY LIMIT – Entry price 0.7590, stop loss 0.7530 and take profit 0.7810.

Stop loss: 60 pips

Take profit: 220 pips

Trade Setup
BUY (Double Trade)

Entry
Check Entry Points