Top trade idea for March 3rd, 2016 – AUDUSD
By Mircea Vasiu on Mar 3, 2016 11:22:57 GMT
Audusd finally breaking higher and I think it is only the beginning of a bigger move that must go over 0.7700.
What I am looking for here on the pair is a contracting triangle at the end of a complex correction and this contracting triangle just started. Unfortunately for those looking for bigger moves, they are not going to come yet as the triangle only finished its first leg, and who knows how much more time it will take.
However, wave b should go higher than current levels and it must be a corrective wave. The structure so far from the lows in wave a in green seems corrective, so all-good from this point of view, and now that the consolidation is over we have a nice move ahead of NFP.
GDP helped a bit, as it was released at 0.6% beating expectations, and even if the RBA tone is still dovish, there is more upside potential in the pair, therefore, favoring the long side for 0.7760 with 0.7150 stop loss.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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