MrVolcano

AUDUSD - Heading lower or bullish breakout?

FX:AUDUSD   Australian Dollar / U.S. Dollar
77 0 1
Price has been ranging in a wedge pattern with great predictability for the past two months. Price is again at the top of the range and showing signs that a downwards move could be imminent.

I think a short move is most likely. Two bearish signals have appeared at resistance and price has broken below the 4h upwards trendline . Stoch is showing overbought sell signals.

The daily chart shows that the wedge is narrowing and a breakout is due soon.
snapshot

I'm going to cover both possibilities with an OCO             order.

A short order will be placed if price breaks 4h support at 0.7657.

A long order is placed above 0.7700 to capture a bullish breakout.
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