Tuesday, 10 May 2011

AUD/USD analysis

The uptrend looks to have resumed in this pair with the daily timeframes now looking bullish again. 8 and 21ema have also turned up. Price action signals have appeared on the daily chart to go long. To support this, we have:

TREND UP
Bullish pin bar candle
Bounce off 107734 support
Moving averages turned up

Looking for a 50% retrace of the daily candle to enter

ORDER to go long

ENTRY: 10792
STOP: 10728
LIMIT: 10984

RISK REWARD: 3/1

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