16.08.202312:23 Forex Analysis & Reviews: Tips for trading AUD/USD

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Following a prolonged fall, AUD/USD updated the lows, and today showed signs of a false breakout.

Considering the three-wave pattern (ABC), where wave A represents today's upward movement, market players could open long positions up to the 50% retracement level.

Set stop-loss at 0.64300 and take-profit at the breakout of 0.69.

The trading idea came from the framework of the "Price Action" and "Stop Hunting" strategies.

Good luck in trading and don't forget to control the risks! Have a nice day.

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