EURAUD Triangle Trade

EURAUD pair is making out a triangle on H4 chart. 

On top side we got a horizontal resistance area. This area has provided resistance/support on previous several occasions.

EURAUD H4

On downside we got 100MA  which has provided support on several pullbacks. Pair has found it really hard to keep momentum below 100MA. 

My strategy is to wait for a triangle break .If it break upside, I will wait for a break and close above the resistance. If price breaks triangle downside, I will wait for a break and close below 100MA.

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Update on 24-Oct-12 4:10GMT: Thanks to good AUD & HSBC Flash PMI numbers, AUD rebounded and price broke below the triangle. On that note, it broke below 100EMA as well. 

EURAUD H4

Asian trading breakout can be false so I will wait for Europe to come in for a clue.If it breaks below the previous lows of 19-Oct, I will go short.