Audusd Sell

10 בדצמ׳ 2016

AU has crashed through the weekly to confirm and validate that it's in a downtrend. Ever since the drop the market has been correcting with no easily discernable impulsive nature to it. On the 4 hour chart the market seems to be collecting itself within a triangular wedge. If an immediate drop doesn't occur, I would expect the market to move to the upside until FOMC time or during FOMC time to break out of the triangle followed by an immediate drop. Drawing up a fib retracement on the last major down move before a break to the upside, the final 1.618 retrace would be here if valid. Using a 200% retracement as a stop would yield a high reward to risk if the trade can hold itself from a possible move here.