Long term trade idea

FX:AUDUSD   Australian Dollar / U.S. Dollar
This weekly chart shows many reasons to go short on this pair. Firstly where price was respecting the pink trendline was broken and retested couple of times (yellow circles). If you look closer, the price is now in an ascending channel (red line) that looks like a rising wedge getting ready to fall after a huge drop . If you zoom in much closer price has broken the channel but i would still wait for a clear confirmation of a bearish candle stick on the daily chart because this could be a false breakout as there is a rejection candle on the weekly. If you look at the daily you could see a much clear triangle or a wedge waiting for a breakout.


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