VasilyPonomarev
Short

AUDUSD: Descending Formation & Trading Plan

FX:AUDUSD   Australian Dollar / U.S. Dollar

hey traders,

Saint Valentine's day. The day when we all should stay with our beloved ones.
So this evening I am gonna spend with AUDUSD pair.

on 1H we see a classic descending triangle formation with multiple attempts of the market to break through the 0.6713 support.
I will be waiting for a bearish breakout of support to short the pair.

my stop will lie strictly above the last lower high of the triangle and target levels will be 0.669 and 0.667

good luck and have a great weekend!
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❗️VIDEO ANALYSIS https://youtu.be/LA_kErxILcw

Comments

Are you bullish or bearish on AUDUSD?
+1 Reply
Definitely it's bull becz it's not a trend area accumulated zone will go up long
Reply
Interesting!
Reply
this is a hidden chart. only those who dook deep into multi-transitional charts can see the fall setup. nice on the FIB Retracement
Reply
I agree, it's clearly in a downtrend but there does seem to be some demand at the .671 price when you go out on a longer term weekly chart.
Reply
hey
Contrary to your point of view, I believe this triangle will break up
Reply
Jasong187 shsaeidian
@shsaeidian agreed
Reply
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