AUDUSD Trading Idea

by: Colibri Trader

Hi traders,

My trading idea from last time is still to be confirmed or neglected. It looks like DAX (Germany 30) is hesitating between the levels of 12,500 and 12,700. This 200 pips range is definitely holding tight for the past few trading sessions. I am still looking to validate my trading idea. For now it looks like bulls are showing some hesitance, but the next trading session will confirm or reject this trading setup.

AUDUSD Trading Idea

Today’s trading idea is coming from AUDUSD. There was a bit of discussion with some of my followers recently when I posted the NZDUSD trading setup. We were discussing the possible outcomes and you can read more about it HERE, where I originally posted the idea. I am looking at today’s price action. It seems like AUDUSD has formed a three bar bullish engulfing pattern. This denotes the bullishness of the market participants. This pattern formed on a minor support level, which makes me think this could be the beginning of a new leg up. I will be looking to possibly go long at around 1.7450. Stop loss would be placed just under 1.7410. First price target would be at 0.7500. The secondary one at 0.7800.

Happy Trading,

Colibri Trader