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    AUD/USD: unique window of opportunity after pull-back for ‘air kiss goodbye’

    The aussie has broken down out of its consolidation – a sort of triangle – paused and then pulled-back up for a final ‘air-kiss’ goodbye. It is currently trading back at the level of the lower consolidation border again which has changed from support to resistance.

    The pair is likely to rotate lower; and this is a unique window of opportunity for traders to sell at a minimum of risk; a move below 0.7370 would provide bearish confirmation, of a run down to a target at 0.7300.

    If it breaks back inside the triangle, by moving above the current 4-hr highs at 0.7405, however, then that would negate the bearish scenario.

    The triangle which has just broken might be a sign that the final leg of the longer-term down-trend is underway, so traders may need to be on alert for a reversal signal from price action.
    AUDUSD16

    The aussie has broken down out of its consolidation – a sort of triangle – paused and then pulled-back up for a final ‘air-kiss’ goodbye. It is currently trading back at the level of the lower consolidation border again which has changed from support to resistance.

    The pair is likely to rotate lower; and this is a unique window of opportunity for traders to sell at a minimum of risk; a move below 0.7370 would provide bearish confirmation, of a run down to a target at 0.7300.

    If it breaks back inside the triangle, by moving above the current 4-hr highs at 0.7405, however, then that would negate the bearish scenario.

    The triangle which has just broken might be a sign that the final leg of the longer-term down-trend is underway, so traders may need to be on alert for a reversal signal from price action.
    AUDUSD16


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