Hello everyone! I hope you had a great weekend! I am taking a look at the AUDUSD on the daily timeframe today.
It is currently in tight consolidation, forming a triangle trend and once the break out occurs we will see one of two things….
Continuation of price or a Trend Reversal.
So, let’s take a look at the D1 chart
What I am seeing here is that price is forming a triangle trend, as stated above. It is in tight consolidation.
Here are my thoughts:
Long entry if we see a break to the upside of 0.769914
Short entry if we see a break to the downside of 0.748844
So, where will price go once we see a break?
Upon a break of the two levels provided, we may see the following price movement:
Long – 0.78328, 0.802713, 0.823738
Short – 0.732299, 0.716614, 0.700262
Now remember, this is the daily chart we are looking at. What does this mean?
Each candle is one day in duration
The chart above shows all the way back to December 2013
This would be a long term trade
Cheers to success and see you all in the room!