AUD/USD double bottom at 0.8650 provides good buying opportunities!
The AUD/USD slide that we have been witnessing since early September seems to have bottomed out at 0.8641, at least in the mid-term. This week’s impulsive movement to the upside has resulted in a double bottom formation, which promises a rewarding profit for traders favoring long positions on the Aussie dollar against its US counterpart. If we add the positive swap that will be credited to your account every night you keep your position open, the long AUD/USD starts looking like a trade you don’t want to miss.
Our trading setup involves buying AUD/USD at current market levels. Stop loss orders need to be placed below 0.8630. Keep in mind that if 0.8641 is breached, that will probably result in an impulsive movement to the downside, so having a stop is an absolute must. Profits should be taken in steps at 0.9450 and 0.9700.
This article expresses the opinion of Profitease.com, which is based on chart observations. It should not be taken as advice on buying or selling any financial instrument! Profitease.com does not accept any liability for losses or other damages endured as a result of using this article for trading purposes!
