AUDUSD breaking out of bullish channel
In the last analysis of AUDUSD I pointed out a clear bullish channel that occurred as a correction of dynamic bearish impulse. Yesterday support – lower limitation of this channel -was broken, according to the assumed scenario.
Traders who entered immediately after breakout could secure their position, for example, over 20-period SMA, what when reaching the first goal (0.7390) would give a RR ratio of 2:1.
Other possibility is also waiting for re-test of broken support as a new resistance. However, in this case can be expected that such a re-test may not take place at all, and market will move dynamically to the south.
In addition, it is also worth to pay attention to important data from US economy, which markets will learn about, among others at 14:30. The most important ones are the ones concerning economic growth (q/q) and basic fixed asset orders for April given monthly.
Traders who entered immediately after breakout could secure their position, for example, over 20-period SMA, what when reaching the first goal (0.7390) would give a RR ratio of 2:1.
Other possibility is also waiting for re-test of broken support as a new resistance. However, in this case can be expected that such a re-test may not take place at all, and market will move dynamically to the south.
In addition, it is also worth to pay attention to important data from US economy, which markets will learn about, among others at 14:30. The most important ones are the ones concerning economic growth (q/q) and basic fixed asset orders for April given monthly.
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