AUDUSD Trading Setup

#Forex #AUDUSD #FXCM #DailyCandle
- Here is AUD/USD daily chart. It recently broke above the major resistance area around 0.70320~0.70770 and some bullish wave structure have been constructed after.
- Seems like it already retested this area more than twice after breaking this above.
- As can be observed in the daily indicators, the RSI is consistently consolidating between the overbought area and area below. Bearish divergence has also been emerging since the RSI has failed to make a higher high.
- I am expecting some resistance around 0.72850 which is valid until 8/20. This resistance area has easily been deducted based on the top of the wedge, previous consolidation channel high, and the daily indicators.
- Below is the short trading setup for swing traders. As mentioned, this setup is only valid until 8/20.

Short (Until 8/20)
EP: 0.72850
SL: 600pips (0.73450_
TP1: 800pips (0.72050) -> RR: 1.33
TP2: 1500pips (0.71350) -> RR: 2.5