Monday, December 22, 2014

AUD/USD 4 hour chart, Descending Triangle?

Apparently, the AUD/USD has formed what it looks like a descending triangle on the 4 hour chart, due to all the consolidation that the price has had lately. During these periods of consolidation is when these chart patterns appear, many with possible trading opportunities. On the formation shown on the chart, it would be better to use the 0.8100 level as our confirmation line or breakout line. If the price breaks below this level and pulls back to it, then we could get a chance of going short, expecting a continuation to the downside of the main bearish trend.


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