Forex

AUDUSD showing bearish triangle in downtrend

tarantula fx Head of Trading

July 13, 2015

AUDUSD has been consolidating below 0.7500 and traders definitely don’t want to fight back with RBA governor’s Stevens comments that the AUD currency is still overbought.0.7470 is showing a good POC ( now moment sellers, 61.8, descending trend line) If 0.7500-10 holds we could see a drop to 0.7400 followed by 0.7350 and 0.7280. However we need to see a break of lower TL (green dotted TL) and L3 -0.7400 to the downside for further bearish momentum.

Follow @TarantulaFX on twitter for latest market updates

read the original article on AdmiralMarkets.com

AUDUSD showing bearish triangle in downtrend bounce break breakout chart pattern Fibonacci fibs fibs and waves forex forex fibonacci forex setups forex trade forex trade setups fx fx setups FX trade fx trade setups price action patterns price patterns S&R setup support and resistance technical analysis trade setups trades trading trend lines triangle wave 1 wave 2 wave 3 wave 4 wave 5 wave a wave analysis wave b wave c waves analysis zigzag