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Following a strong upward momentum at the end of last year, AUD/USD pulled back and on the weekly chart demonstrates signs of slowing down the decline, which gives an opportunity for buyers to form long positions.
Looking at the three-wave pattern (ABC) where wave "A" represents the bullish movement at the end of last year, market players could open long positions with stop-loss set at 0.64455. Take profit upon the breakout of 0.69.
Long positions could also be opened below current prices on lower timeframes.
The trading idea follows the framework of the "Price Action" and "Stop Hunting" strategies.
Good luck in trading and don't forget to control the risks! Have a nice day.
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