Tuesday, November 20, 2012

AUDUSD Channel Short Trade Setup

myfxvoyage.blogspot.com AUDUSD Channel Short Trade
Price is coming to the upper trendline of descending channel on hourly charts. This channel is in place since first week of Nov and since then price is constrained within the this channel.

I am expecting a move towards the upper trendline of the channel. That will be the right place to short the pair for a possible move towards horizontal resistance area or towards mid of the channel. 

Near to upper trendlien comes another horizontal resistance area. I am expecting this area to hold on any bounces.

I will go short right on the touch of trendline. That area comes around 1.0435/40.

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