FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD             is at a Major inflection point in the Market. We are currently at a Daily Trendline and at Major Resistance. Right now the market is coiling up at Resistance. Now, it could be coiling up for an upside move through Resistance or may be coiling for a downside move to stay in it's current trading range on the Daily. We don't know. However, with all that said, I would give edge the Seller's just because of all the resistance we are sitting at currently. Also, the RSI is worth noting here. It went overbought and is now showing major divergence.

I will wait for a break and close out of the balance area to give me direction.

Target #1's are shown on the chart. Target #2 will be your discretion (Trail stops, structure, fib levels, etc)

Stops will go 1 ATR behind the Breakout Bar.

Best of Luck
You nailed the breakout projection
+1 Reply
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