AUDUSD 60 PIP SELL
AUDUSD showing great potential for a 60 PIP drop. As we can see on the 4hr chart that a descending triangle was recently broken and we have now reached a level where price was rejected before and seems to have done now. With this rejection i can see a pull back of around 60 Pips to retest the previous descending triangle before forming further higher highs. I have set TP at the next most significant zone in the previous trend which was rejected multiple times which leads me to believe it could also be support for the pull back . This support zone is also situated at the 0.50 fib level which further leads me to believe price will return to this level and now find support instead of resistance. RSI(10) recently showed an oversold condition in the focused area as well. With these points combined i think AUDUSD has great potential for a 60 PIP drop. TP is set at 60 PIPS and SL at 35 PIPS !
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