A good opportunity for a 100 pips trade on the AUDUSD has appeared under the 4 Hour timeframe.
The current setup at the moment is set for a short, however long trades can be placed under certain conditions.
Read about the Trend/Wave/Extreme system here
AUDUSD (4-Hour) Sell
- A continuous down trend line
- A falling trendline acting as a resistance which keeps holding
- Trend (long term) indicators are pointing down
- Extreme indicators are pointing oversold
- The pair completed a 100 pips up move correction, hence the up move may be over
Note: wait for 2 strong down candles prior to selling. Make sure you place a stop loss to avoid having the breakout of the falling trendline make the pair shoot higher.
Should you wish to BUY wait for a strong breakout to the upside of the falling trendline resistance. This should be around 1.02600.
Read about the Trend/Wave/Extreme system here.