AUDUSD Technical Analysis 8.30.2018
AUDUSD Possible SELL/SHORT Trade Setup: Since January 2018 AUDUSD has been trending lower and there were various market bearish patterns that were signalling for the pair to move lower. Traders should continue to follow the trend and continue to look for possible signals for any selling opportunities. At the moment AUDUSD is currently forming a possible Triangle Bearish Breakout Pattern (Blue) on the 4 hour chart for another possible extension lower. On the 1 hour chart (below the 4 hour chart) a Bearish Descending Triangle Breakout Pattern (Green) has already broken below the SELL trigger level and price action momentum is looking lower to trigger SELLS for the blue Triangle Breakout Pattern. If looking to trade AUDUSD, traders will need to watch for the break below the blue Bearish Triangle Pattern targeting 0.7200-0.7150 area with Stop Loss at the previous peak of the blue Triangle Pattern or for tighter stops at the peak of the green Descending Triangle Pattern. If AUDUSD breaks above the 4 hour black Downward Trend Line then it is possible that the pair has found a bottom and will bounce higher.
AUDUSD 4 Hour Chart 8.30.2018
AUDUSD 1 Hour Chart 8.30.2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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