AngelaFTrading

AUDUSD - Will we get a breakout? CAUTION!

FX:AUDUSD   Australian Dollar / U.S. Dollar
Weakness of greenback across all major pairs fueled Aussie to fly. After rising for about 200 pips, its further advance is stopped by the upper line of the channel.

The pair is showing a classic falling wedge pattern indicating that a breakout might be imminent. CAUTION IS ADVISED THOUGH! Notice how the last four bullish candles are getting smaller as it approaches the downtrend line, which might indicate that the pair is losing momentum, or it is calling for a pullback.

For traders looking to long, wait for a breakout and retest of the falling wedge and buy from there. Alternatively, we can open a buy from the
50%-61.8% retracement levels around 72.00.

Trade safe and feel free to comment your views!
Sep 21
Comment: Scalpers can also short the pair and target retracement levels at take profit. SL at 73.10.
Sep 21
Comment: AUDUSD on H4 chart.


Price made a strong 4H bearish candle near the upper line of the channel, also notice the inside bar formation. Should the inside bar break to the downside, traders looking to sell can enter and target 72.20-72.00, while keeping SL at just the previous high at 73.05-73.10.
Sep 23
Comment: Price made a gap in our favor. As expected, Aussie is weak due to the recent developments in US-China relations. China is Australia’s largest trading partner.

Keep SL the same. The pair will have more room to the downside!
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