This pair is at a crossroads, there's been Euro weakness as well as Aud weakness which makes this tricky but the set up is too good to pass over.
Above 1.4180 this gets slightly bullish but the real confirmation is above the larger trend line (falling wedge on daily chart). There's hundreds of pips if those highs don't hold.
Below trend lines and in the circles labeled 1, 2 and 3 are great sell off points. The targets get larger each time, I'll be short and I'll take profit each time a level breaks and it reaches a new trend line/support zone.
Here it is, good luck trading it either way, I think there's plenty of potential up or down.
Above 1.4180 this gets slightly bullish but the real confirmation is above the larger trend line (falling wedge on daily chart). There's hundreds of pips if those highs don't hold.
Below trend lines and in the circles labeled 1, 2 and 3 are great sell off points. The targets get larger each time, I'll be short and I'll take profit each time a level breaks and it reaches a new trend line/support zone.
Here it is, good luck trading it either way, I think there's plenty of potential up or down.
Jared Johnson
Union Hedge Funds
Union Hedge Funds