Trade Idea: AUD/USD - Exit Long Entered At 0.7935 And Buy At 0.7875

AUD/USD - 0.7918

Most recent candlesticks pattern : Hammer

Trend : Up

Tenkan-Sen level : 0.7960
Kijun-Sen level : 0.8030
Ichimoku cloud top : 0.8040
Ichimoku cloud bottom : 0.7957

Original strategy : Bought at 0.7935, Target: 0.8035, Stop: 0.7885

New trading strategy : Exit long entered at 0.7935 and buy at 0.7875, Target: 0.8000, Stop: 0.7825

As the currency pair retreated again after meeting renewed selling at 0.8007 on active cross-selling in Australian dollar versus Japanese yen, suggesting a break below support at 0.7905 cannot be ruled out, however, we still think that the decline from 0.8156 would be limited to 0.7881 (50% projection of 0.8156 to 0.7905 measuring from 0.8007) and 0.7852 (61.8% projection) should hold and bring another rebound later. On the upside, break of 0.8007 would confirm the aforesaid fall has ended and recovery to 0.8050/60 would follow.

In view of this, we are exiting our long entered at 0.7935 and look to buy aussie again on such decline. If the move gathers momentum and drops below 0.7825, then this would bring retest of 0.7777 support but only below there would indicate a downside break of recent broad range has taken place, then stronger correction of early upmove to 0.7730/40 would follow