OANDA:AUDUSD   Australian Dollar / U.S. Dollar
Wait for a breakout and retest, if you want to be more aggressive don't wait for pullback.


Nice idea on AUDUSD and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 0.7292. It is a horizontal swing high resistance, 100% Fibonacci extension and a 23.6% Fibonacci retracement. Stochastic is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 0.7017 support level. It is a horizontal swing low support.

Please take a look at our idea and share with us what you think.

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