AUDUSD Short (Daily) Short

Australian Dollar/U.S. DollarFXCM

Description

⋅ Aug 16, 2016 7:48 PM

Looking like AUDUSD will be bearish for a while.

This is simple support and resistance zones for this pair.

However if this pair breaks resistance then we have a tight SL in place so we can catch the move up.

Comments

TFrank_1

⋅ Aug 17, 2016 12:13 AM

That's a good setup. The up trend in your final channel is confirmed by a downtrend in Volume.

Volume is a great tool for more confirmation.

jake66

⋅ Aug 17, 2016 12:57 AM

Thanks for the tip man, Cheers !

TFrank_1

⋅ Aug 17, 2016 1:04 AM

No worries, I'm currently reading a book that i highly recommend by the Author Thomas N. Bulkowski called "Encyclopedia of Chart Patterns" second edition.

Fantastic book and a great reference tool when looking for confirmations.

jake66

⋅ Aug 17, 2016 1:43 PM

Right on mate, gave you a follow :)