Trade Recommendation: AUDUSD

Let’s look at the 4H chart of AUDUSD and try to spot entry levels for possible trades using Ichimoku indicator. The price passed through the kumo and it gives a signal that the market is going to move downward. We can see a new swing low which is lower than the previous one and the same goes about swing highs. It confirms that we have a new downtrend and it’s time to sell.

We’ll use a breakout signal and pending orders for entry the market. The local swing low is a level for placing pending orders for sell. If price drops below 0.78915 level, we’ll have an additional confirmation of further downward movement. Stop orders must be placed above 0.80000 resistance level. Profit targets are at 0.78000 and 0.77500 levels. Recommended risk size for this trade is up to 3% from your deposit.    

Sell: 0.78900
Stop: 0.80100
Profit Targets: 0.7800 and 0.77500

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.