quantguy
Short

Bearish Breakout USDAUD Imminent

FX_IDC:USDAUD   US Dollar / Australian Dollar
A series of lower lows in a 'sawtooth' pattern are all testing the level around 1.4008. Note there is a comparative vacuum area from below which means this breakout has a lot of room to move. There is a rather strong Ichimoku cloud of resistance from above, and it is apparent that there is simply not enough momentum to punch through it. Further, the MACD and RSI indicate this is a perfect entry point, and the OBV confirms selling pressure.

For profit targets look to the lows of 11/12 at around 1.3984. A stop loss can be set at 1.4017 at the beginning of the Ichimoku cloud .
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