Forex Analysis: AUD/USD Sell Trade Triggered
Strategy: Short at 1.0381, Targeting 1.0181
Prices completed a bearish Rising Wedge chart pattern with a break through support set from the October 5 low, hinting a move lower is ahead. We will enter short here, initially aiming for the bottom of a large Descending Triangle setup carved out since early September at 1.0181. A stop-loss will be activated on a daily close above 1.0479.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
Prices completed a bearish Rising Wedge chart pattern with a break through support set from the October 5 low, hinting a move lower is ahead. We will enter short here, initially aiming for the bottom of a large Descending Triangle setup carved out since early September at 1.0181. A stop-loss will be activated on a daily close above 1.0479.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
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