This long position may not look very convincing, but there is a lot more context to this trade.
Price was at a high of 0.76500 in April, and has been dropping ever since.
Now, price is at 0.68730, which is our entry price in this trade.
The pair has been trying to increase, but encountered a small downtrend in the lower timeframes. However, the higher highs and higher lows on the 1D chart are still intact.
Today, US news was very positive. However, the pair did not allow price to go lower and had a massive rejection to keep price above the support level.
That rejection is the main reason behind our entry point. Especially because it is at a major support level.
In addition to that, Gov Lowe of Australia has a speech today. It is expected that he will be hawkish to help the AUD gain strength.
Those are the reasons behind this trade.
Price was at a high of 0.76500 in April, and has been dropping ever since.
Now, price is at 0.68730, which is our entry price in this trade.
The pair has been trying to increase, but encountered a small downtrend in the lower timeframes. However, the higher highs and higher lows on the 1D chart are still intact.
Today, US news was very positive. However, the pair did not allow price to go lower and had a massive rejection to keep price above the support level.
That rejection is the main reason behind our entry point. Especially because it is at a major support level.
In addition to that, Gov Lowe of Australia has a speech today. It is expected that he will be hawkish to help the AUD gain strength.
Those are the reasons behind this trade.