newgenforex

AUDUSD - Bearish Butterfly

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
Interesting set up for AUDUSD - What looks like a potential Bearish Butterfly!

We can use the 'Butterfly Indicator' as a tool to predict a change in market conditions.

On the 4 Hour chart, there is a strong ascending trendline, I'm expecting a break this week. Before entering a Sell position, we will wait for a break in the trend.

Take Profit 1 & 2 marked on the chart. Please note, this trade is a long term trade.

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1:2 Risk to Reward Ratio
Target TP2: 109 Pips

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