Pullback to key AUD/USD trendline. Bulls taking over? Long

FX:AUDUSD1D

Australian Dollar/U.S. DollarFXCM

Description

⋅ Apr 30, 2014 1:07 PM

Pullback to trendline makes me consider this 1:2 risk/reward trade on AUD/USD.

Comments

ForceFollower

⋅ Apr 30, 2014 2:26 PM

This pattern is called Texas-T. If it holds, it's going to mark a reversal in AUDUSD pair and you can expect the orange range to double to the upside. However, if it fails, forget about it... :-D

alectrade1

⋅ Apr 30, 2014 1:14 PM

thanks did not see the trend line. I'm long Aussie from 0.9236. that is a little bit of confirmation for the trade. I'm looking for 0.94 even handle targets as well.

justatrader

⋅ Apr 30, 2014 2:02 PM

Yum yum yum!!! So many views on AUDUSD... Can't wait for FOMC to kick in.. NFP looks like its ages away.. At the very least, this week should be a great case study for the weekend.

ForceFollower

⋅ Apr 30, 2014 1:38 PM

I'm with you, guys. :-) I'm long as well. If price manages to break out of this down-sloping channel (perhaps being a flag on a dialy chart?), I'll be looking to TP just below at 0.935. Let's see what FOMC meeting brings.