AUD/USD Short Setup forming on 12hr

23 May 2017

Analysis

• Price is currently trending up after a nice bounce off of support at ~0.73431 levels
• Price currently finds itself in a previous support/resistance area ~0.74847 levels
• Recent data shows six previous times where price found support/resistance in this area

Trade Triggers

• More indication that price is finding resistance at this level
• Indecision candle on the daily close also the 12hr close
• Stop-loss will be just above daily high wick
• Primary target will be before previous recent support levels ~0.74048 with a minimum risk/reward ratio: 2.06
• Secondary target will before the support area ~0.7343431 levels