SamKent
Short

AUD/USD shorting plan

FX:AUDUSD   Australian Dollar/U.S. Dollar
275 0 3
The Structure of the AUD/USD             4H chart is appealing to us. We're looking at a quite orderly down-trend, which supplies us with a reasonable looking entry. Our entry point is around the 0.8560 level, a level which has acted as support and resistance before, which coincides with the 50% of the beginning of the latest zigzag downwards. Our stop will be just above the latest swing high, as if it's violated the market conveys to us that bearish pressure is declining. Our initial target will be the recent lows, making for a solid 2.8 to 1 risk reward to begin with.
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