TRADE SET-UPS

AUD/USD Pin bar forms at key level

On Friday 14th a Pin bar formed at a key level on the AUD/USD daily chart. Despite breaking through and closing below this key level a week before.

Price has since broken back above this level and given us a possible buying opportunity. The bar formed is not the best example of a pin bar but it is a long tailed bar showing buying at the 0.8660 level which was a key support level back in January of this year.

AUD/USD daily chart

2014-11-15 AUD-USDAn entry at the break of this bar around 0.8774 with a stop below the tail and a target up around 0.8893 would give us a risk:reward ratio of 1:1

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AUD/USD daily chart

2014-11-15 AUD-USD target

As always, make your own trading decisions and good luck with your trading this week.