AUD/USD - Bullish Engulfing at Support for Long Entry
📈 Trade Idea: Long AUD/USD
Analysis:
Price formed a bullish engulfing candle off the 0.6360 support zone, signaling strong buyer interest. This level was previously a resistance zone, now acting as support. The engulfing pattern confirms momentum shift, making it a strong entry trigger.
Trade Plan (Based on Chart Setup):
🔹 Entry: 0.6361 (Bullish engulfing confirmation)
🔹 Stop Loss: 0.6346 (Below support and engulfing low)
🔹 Take Profit: Fixed at 2R
Risk/Reward:
✅ Stop Loss: ~15 pips
✅ Take Profit: ~30 pips (2R target)
✅ Risk-Reward Ratio: 1:2
Why this trade?
✔️ Bullish engulfing at key support
✔️ Break and retest confirmation
✔️ Strong momentum shift in favor of buyers
📌 Looking for price to hold above 0.6360 to maintain bullish momentum.
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