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AUD/USD Ascending Triangle Setup (July 28, 2014)
AUD/USD has been making higher lows and finding resistance at the .9460 area, creating an ascending triangle on its 4-hour time frame. The pair just found resistance at the top of the triangle and is on its way to test the bottom, which might continue to hold as support.
Stochastic is already in the oversold area, indicating that selling pressure is already exhausted. Price might bounce off the .9375 levels before resuming its climb back to the top of the triangle later on.
If you plan on going long at the triangle support, make sure you stet a tight stop below the .9350 area to exit the trade if a breakdown takes place. Aiming for the top of the triangle could yield a 2:1 return on risk for a short-term trade.
By Kate Curtis from Trader's Way
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