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AUD/USD Pending Bullish Breakout

AUD/USD Pending Bullish Breakout

2017-03-31 17:32:00
Walker England, Forex Trading Instructor
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Market Condition: AUD/USD Pending Breakout

Target 1:pppppp2X ATR at .7849

Target 2:pppppp4X ATR at .7949

AUD/USD, Daily Chart & ATR

AUD/USD Pending Bullish Breakout

(Created Using IG Charts)

AUD/USD sentiment values remain near extremes, with SSI totaling -1.91. With 66% of traders positioned net short, contrarians may begin to look for bullish breakouts on the creation of new highs. Breakout traders may consider setting entries above the standing AUD/USD 2017 high at .7749. Daily ATR for the AUD/USD currently reads at 50 pips. This means traders may find an initial 2X ATR profit target near .7849. Also a 1X ATR may be considered near .7699 in order to create a 1:2 risk/reward ratio.

If the AUD/USD fails to breakout higher, traders may consider deleting any pending entry orders to buy the pair. In this bearish scenario, traders may elect to verify a change in the trend with an increasing SSI total. Then fresh bearish breakout positions may be considered.

--- Written by Walker, Analyst for DailyFX.com

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