Good afternoon guys,
On this set up we are looking to go in the favour of the USD.
We are looking to place a hedge on our EURUSD trade. The idea is one trade should win and one might lose.
The USD Index looks like it is setting up for a rally higher. There is potentially an inverted head and shoulders pattern.
AUDUSD – Technical Analysis
1 Hour Charts
There is potentially a bear flag set up, which could lead into a head and shoulders breakout to the downside.
Trade SETUP: SELL Market Order AUDUSD: Current market price 0.6110, stop loss will be set at 0.6170, take profit 0.6000
Stop loss: 60 PIPS
Take Profit: 110 PIPS