A. 1 Hour Support, with many touches highlighted in yellow you can clearly see that the market was reacting to this level each time it hit it.
B. This is our first Key Technical Break - after identifying a line that the market is adhering to this kind of break is a "Red Flag" so to speak of a trade in development.
C. Old Support becomes New Resistance - This is the trade opportunity that was created with the key technical break, look for price action.
D. AUD News early in Tuesday's trading pushed the pair under a key technical level visible up to the . "Red Flag"
E. This is where we are currently, a trade has been flagged and is in development - Looking for Price Action at this broken level to enter into a sell opportunity.
Pending Sell Limit at .7160 or Manual Entry, whichever you prefer
Stop Losses placed at .7210 - above the most recent high and within the triangle
Profit Target at .7085 and .7025 - I used previous length of break down to determine these targets, although watch for obvious support walls that are created
4 Hour Chart to see the bigger picture-
As always please do your own analysis before deciding to enter a trade, and any comments, questions, concerns and feedback are greatly appreciated.