AUD/USD Weakly Consolidating From 0.704 Low
Maks Maksov | Aug 31, 2015 06:43AM ET
AUD/USD Trading Plan
The pair looks bearish, but it has been stopped by a strong monthly support around 0.71. It is now mildly consolidating up in a daily triangle. Resistances are located at 0.725 and 0.76 On the monthly chart, AUD/USD is firmly bearish, but it now retesting a 0.786 Fib support at 0.71. The last candle looks like a morning star, meaning it may bullishly consolidate from there. We see a resistance line around 0.76.
On the daily chart, we see the resistance line we identified at 0.76, and another one around 0.725. The pair is now weakly consolidating back from its previous low around 0.704. We may even draw a consolidation triangle. I will trade break outs from that triangle.
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