AUDUSD pin bar long opportunity
Price is trending upwards on this 9 hour time frame with higher time frames also confirming trend. Price has recently retraced to a previous resistance area as well reaching the 61.8% Fibonacci retracement level. Price is in between the 8 and 21 moving average, the buy zone. A pin bar has formed on the retrace signalling that buyers may have rejected the retrace and price is ready to continue upward. A buy entry order may be placed at half way of the range of the pin bar candle, stop loss placed well beyond the range of the pin bar candle, profit target placed at the next area of resistance. Risk is 2.3
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