AUDUSD – Sell with a Break below Triangle Support

Guest Post by Nicola Delic

The Aussie Dollar looks like forming a breakout pattern on the hourly chart versus the US Dollar, as there is a triangle pattern created. Moreover, it looks like the AUDUSD pair might complete 5 waves inside the triangle to set it up for a break lower. There are chances that the pair might head lower if it manages to settle below the triangle support area. If that happens, then the pair might head towards the 0.7000 handle in the near term.

In order to enter a sell trade I think we should wait for the AUDUSD pair to break and settle below the triangle support area.

Technical Analysis

H4– Chart representing the possibility of the AUDUSD pair heading towards 0.7000.

Entry:

H1– We can enter a sell trade once the AUDUSD pair breaks and settles below the highlighted triangle pattern.
Target 1: 0.7250
Target 2: 0.7180
Stop Loss: Above 0.7420

Video Explanation

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.