I’m not really certain about what is the best way to describe a bullish Aussie Dollar that was rejected off the next level of higher time frame resistance, so let’s just roll with it.
We’ve been observing this huge daily triangle for a few months in a row now over on the @VantageFX Twitter, and after AUD/USD bounced off weekly support, the top of this level has been a long time coming.
AUD/USD 4 hours
Late in Friday’s trade, the first test of resistance came. Most probably too late for many of your to trade without a pending order in place, but the low risk setup is always the next re-test anyway.
AUD/USD 1 hour
Now having come out of higher time frame resistance, here is one such potential sell zone that offers some quality risk:reward to the downside if you are bearish AUD/USD.
Price is in a short term bullish channel, but the fact that we’ve hit higher time frame resistance and there was no higher high gives yet more weight to playing the Aussie from the short side.
Share your AUD/USD charts and setup with @VantageFX on Twitter. We’d love to hear your thoughts on the levels that we have in play!
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Trade AUD/USD with Australian Forex Broker, Vantage FX.
This is a guest post originally appeared on Vantage FX. Reposted with permission.