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AUDUSD Bearish Triangle Opportunity AUDUSD Bearish Triangle Opportunity
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Old 08-19-2008, 03:50 PM
DailyFx's Avatar
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Join Date: Jan 2007
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Default AUDUSD Bearish Triangle Opportunity
The AUDUSD has traded sideways the past few sessions in what has taken the form of a triangle. Expectations are for a bearish break from this consolidation.









The sideways trading that has taken place for the last few days is most likely a 4th wave triangle within the 5 wave drop from .9849. A drop below .8591 would satisfy minimum expectations. The January low at .8512 is potential support.




This is a close up of the triangle. There is a slight chance that price exceeds .8757 in wave c of a flat. That count still calls for a drop below .8590 though.








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