Trader_Troy

AUD/USD currently indecisive; we favour short side

Short
FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
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AUD/USD is currently indecisive with prices having broken out of this descending trendline but capped at the .618 fib. There are two inside bars, one spinning top and one doji . This indecision/confusion comes from traders seeing a triple bottom form and then prices breaking out of this trendline, while this pair has been bearish for some time and prices are being capped at the 61.8% fib which is confluent with resistance. I'm looking for prices to show some downside and break this counter trendline before going short. First target at 0.7150 where this triple bottom is, with a risk/reward ratio of 1:2.5
Order cancelled: This idea has been invalidated as price broke above my key resistance