AUDUSD WEEKLY RECAP LONG POSITIONS WERE WINNERS - BEARS TURN?

Hey traders,

Hope everyone is having a great weekend so far. This week AUDUSD was able to make a strong move up in price.

AUDUSD bounced strongly from the minor S/R labeled on my chart with news aiding the push up.

Now price has reached an inflection point. The blue trendline.

AUDUSD formed a bearish pinbar off the trendline, signalling that sellers are coming in.

Buyers from previous long positions were also taking profits.

Currently price has retraced to the 78.6 fib level.

I am still in this trade, with the risk to reward being 2, with the possibility of being much higher.

As long as we win this trade at least 33% of the time we secure profit.

IF price does close above the pin then I will wait and see what price does to confirm my next action.

Think about the big picture traders and not individual trades.



Daily trade analysis and ideas:

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