AUDUSD - Daily Retrace Off Lower Triangle LIne

AUDUSD is Oversold and bouncing off the 200 Day SMA. As well, looking for a bounce inside the descending Triangle.

We will go LONG inside the triangle, looking for a retrace to the upper triangle trend line. There we will decide if we take a partial close with a break of the upper line or close the entire position. As sustained move below 0.77000 would negate this set-up.

ENTRY
0.77050

STOP LOSS
0.76000

TARGETS
0.77830
0.80070

Published 10/25/17

Trade active

Comment:

Passing of the US budget has created some pressure on this position. We will continue to hold and watch what the next week brings.

Comment:

The messy AUD government news is not going to help our case on holding this. We will hold until SL is hit or we see a bounce and return back into our original wedge.