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Down trend in AUD/USD 1 hour chart
Thursday, July 23, 2015 1:42
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AUD/USD currency pair 1 hour time frame trend looks bearish. Since last week, price is moving sideways and current price action looks like a bearish Running Triangle pattern. Vital resistance is present at 0.7448 price level. I expect price to drop after printing Wave e – the last and final bullish leg. I would be probably looking for short trades, as long as trend remains bearish and price stays below 0.7448 resistance level. If bullish candlestick closes above 0.7448 resistance level then down trend is going to end. Hence, I might like to stay out of the market and re-examine the price chart.
Source: http://www.fxinstructor.com/blog/down-trend-in-audusd-1-hour-chart
