AUD/USD Trade Setup: Buy at 0.6626 with Bullish OutlookTrade Idea:
- Buy Entry: 0.6626 (support level)
-*Stop Loss (SL): 0.6600
- Take Profit (TP): 0.6664
Analysis:
- Trend: The overall trend is bullish.
- News Impact: Upcoming news today is expected to increase market volume, providing potential for significant price movement.
Explanation
We are looking to enter a buy position at the support level of 0.6626, anticipating that this level will hold and act as a springboard for the price to move upwards. The stop loss is set just below the support level at 0.6600 to manage risk if the trade goes against us. The take profit is set at 0.6664, aligning with the next resistance level where we expect to see a price reaction.