24 Oct 2016

AUD/USD - WAITING FOR A BREAK

AUD/USD WEEKLY

The rate has been trapped in a small consolidation range between the year-and-a-half falling trendline and the 2016 rising trendline.

The range is now too narrow to continue trading the bounces off the trendlines, however, it now opens a possibility for a much larger breakout trade.

I am slightly more biased towards  a downside trade with a break below 0.7400 and first target around the major psychological level at 0.7000, but I will also be open to trading a clean break above 0.7500 which would indicate larger trend reversal/retracement towards 0.9000.







0 comments :

Post a Comment