Larger Picture for AUDUSD ~ forex market news trading
This is the larger picture for AUDUSD. The next target for the bull is 0.98400 before a retrace is expected.
I dont trade AUDUSD regularly, but that is where I am watching for a long term trade. As you can see, I have a sell order waiting at 0.99990. This is not recommended for short-term traders. This is purely a long term trade and I am willing to wait for over 500 pips or more. This can take weeks of even months to happen so be warned.
I dont expect it to get there, but would be a pleasant surprise if it does. 0.98400 - 0.99000 is the area I will be willing to pull the trigger manually, if I see a sell signal on the weekly. At that point AUD will damn too expensive against the dollars.
These areas are obvious in the daily and weekly charts attached.
Happy trading!
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