AUDUSD Triangle Trade

AUDUSD H4

Pair AUDUSD is making out a triangle on H4 timeframe. 

On lower side is the 100EMA, 200EMA and horizontal resistance area. A break below this area bring focus on descending channel's upper trendline. On upper side we got a resistance area 1.04 handle. 


I will wait for a triangle break plus a confirmation break of horizontal area. If pair break triangle upper trendline plus 1.04 resistance area, then I will go long. For short trade, I will wait for a triangle break on downside plus horizontal area at 1.0320/25. 

-----------------------------------------------------------------------------------------------------------

AUDUSD H4

UPDATE ON 30-OCT-12 14:35GMT: Price is coming south after touching triangle's upper trendline. As the triangle has very small width (30/35 pips currently), so I wont trade on bounces fom trendline. I am waiting for a break on either side of triangle.