AUD/USD: The Hairy Bull

August 15, 2016

A hairy bull.

I’m not sure how to describe a bullish Aussie Dollar that has been rejected off the next level of higher time frame resistance, so lets just go with that!

AUD/USD Daily:
Click on chart to see a larger view.

We’ve been watching this huge daily triangle for a few months now over on the @VantageFX Twitter account, and after AUD/USD bounced off weekly support, the top of this level has been a long time coming.

AUD/USD 4 Hourly:
Click on chart to see a larger view.

Late in Friday’s trade, the first test of resistance came. Most probably too late for many of your to trade without a pending order in place, but the low risk setup is always the next re-test anyway.

AUD/USD 1 Hourly:
Click on chart to see a larger view.

Now having come out of higher time frame resistance, here is one such potential sell zone that offers some quality risk:reward to the downside if you are bearish AUD/USD.

Price is in a short term bullish channel, but the fact that we’ve hit higher time frame resistance and there was no higher high gives yet more weight to playing the Aussie from the short side.

Share your AUD/USD charts and setup with @VantageFX on Twitter. We’d love to hear your thoughts on the levels that we have in play!


On the Calendar Monday:
JPY Prelim GDP q/q

EUR French Bank Holiday: Assumption Day
EUR Italian Bank Holiday: Assumption Day

The Assumption of Mary into Heaven, often shortened to the Assumption and also known as the Falling Asleep of the Blessed Virgin Mary, according to the beliefs of the Catholic Church, Eastern Orthodoxy, Oriental Orthodoxy, and parts of Anglicanism, was the bodily taking up of the Virgin Mary into Heaven at the end of her earthly life.”

Trade AUD/USD with Australian Forex Broker, Vantage FX.

Dane Williams – @VantageFX

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