AUD/USD Potential Day Trade

Here is a potential trade which is likely to materialize in the late London or early US session.  The AUD/USD has consolidated in a narrow band (happens often around this time of day), and is likely to have a breakout on the 30 or 15 minute chart.  The bias is upwards indicated by the pattern set up, but a break downwards can’t be ruled out.

A break above 0.7955 would indicate a move to 0.8110.  A break below would provide a conservative target of 0.7880-0.7885 and a more aggressive target of 0.7860 (but this is slightly less likely to develop).

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Source: Forexyard, AUD/USD 30 Minute Chart

Please read the latest “How to Use the Trade Ideas” blog (you can find it using the Categories tool on the side) if you have questions. If you still have questions after, feel free to comment

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

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