AUD/USD Forex Day Trading Analysis – 15 Min Chart

April 24 7:35 GMT

The following is a forex market commentary based on technical analysis for the AUD/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

In the AUD/USD currency pair we can see a ascending triangle has formed.  The resistance line is at 0.7160, which is an old support level on the longer term charts.

A break above this range would offer us a target price of 0.7230.

A break of the rising support line, which currently would occur at 0.7120 (remember this line is upward sloping so the break price out will rise over time), would provide a  profit target of 0.7050

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————
Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.