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Forex Analysis: AUD/USD Sell Trade Triggered

By , Currency Strategist
15 November 2012 04:12 GMT

Strategy: Short at 1.0381, Targeting 1.0181

Prices completed a bearish Rising Wedge chart pattern with a break through support set from the October 5 low, hinting a move lower is ahead. We will enter short here, initially aiming for the bottom of a large Descending Triangle setup carved out since early September at 1.0181. A stop-loss will be activated on a daily close above 1.0479.

Forex_Analysis_AUDUSD_Sell_Trade_Triggered_body_Picture_5.png, Forex Analysis: AUD/USD Sell Trade Triggered

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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15 November 2012 04:12 GMT