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AUDUSD Breaks its Intraday Support

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Description

The AUDUSD pair broke below the 0.72 intraday support on Friday session supported by the U.S. employment data release that boosted the U.S. Dollar Index from yearly lows levels.
The breakdown below the short-term ascending trendline added to the piercing under the intraday support at the level 0.72, leads us to expect more declines for the Aussie in the following sessions.

The pullback toward the previous intraday support zone located at 0.7195 could represent an opportunity to incorporate us into the intraday bearish trend with a potential profit target placed at 0.7150.

The invalidation level of our bearish scenario locates above the last swing at 0.7225.

Chart

Trading Plan Summary

  • Entry Level: 0.7195
  • Protective Stop: 0.7225
  • Profit Target: 0.7150
  • Risk/Reward Ratio: 1.5
  • Position Size: 0.01 lot per $1,000 in trading account.

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