AUD / USD traded sideways, as a result of which a horizontal channel was formed at 0.76650.
Taking this into account, it would be profitable to open long positions, the strategy for which is presented below:
In the trading chart, since the quotes form an Elliot wave (ABC wave pattern) where wave A is the upward initiative last April 1-5, traders can open long positions from 0.76 in order to set off a 50% rollback towards 0.76650. Place limit at 0.75500.
Of course, we need to remain cautious as this financial market is precarious, but also profitable as long as the strategy used is correct.
The plan above follows the classic and trusted Price Action and Stop Hunting methods.
The material has been provided by InstaForex Company – www.instaforex.com
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