Trend_Analyst

AUDUSD Re-testing Triangle Resistance, Short Trade Set Up

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
Following the breakout this morning from the lower triangle trendline AUDUSD is now heading back up to re-test this area. Should this trenline now offer resistance as is often the case in this scenario we could be looking a swift move lower. We will need see at least one long upper shadow candle or maybe a doji as prices reject the trendline before initiating a trade. This will show that buyers tried to push higher but sellers were out in enough force to prevent it.

Short trade set up, risk to reward 4:1
Entry 0.70730
Stop 0.70895
Target 0.70060

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