Thursday, October 11, 2012

AUDUSD Short Trade Setup

This is in continuation to my previous view on AUDUSD pair. See previous post [here]. AUDUSD H4 Channel
AUDUSD H4 Resistance

I see a short trade setup coming up soon. Currently, price has moved inside the channel and is about to hit the horizontal resistance area. Previously, prices bounced south after testing this area and I expect it to hold this time as well. 

I will go short between 1.0275/85 with a stop loss at 100MA (pink line).

Update: I went short at 1.0276. Will add more at 1.0287/92.
---------------------------------------------------------------------------------------------- AUDUSD H4 Channel
Update at 15:45GMT: Currently price is 1.0260 and I moved my stoploss to breakeven. Price action is coming up nicely as expected(see chart). Resistance is holding up very well. If price consolidates below the resistance area then 100MA is expected to move closer to resistance area and will provide further resistance to upside.

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