AUDUSD Trend Continuation Setup

FX:AUDUSD   Australian Dollar / U.S. Dollar
As we can see when we look back at other impulses and retracements, the market is in a downtrend. More importantly, however, the market tends to use the most recent area of broken support as new resistance.

We can trade these levels as a trade continuation trade by shorting the market when it pulls back up to the most recent broken support level . The entry may be based on bullish weakness (indicating the end of the retracement), bearish candlestick patterns or, in this case, strong price rejection at the level in question.

I have placed my stop loss above the most recent highs, and the profit target is above the most recent level of support.


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