AUD/USD Setting up a Consolidation Breakout Trade

Posted by on Feb 26, 2013

AUD/USD 4H chart 2/26/2013 7:50AM EST Consolidation: The AUD/USd entered a period of consolidation since the start of February and still remains in that mode. The 4H chart shows a consolidation range roughly between 1.0220 and 1.0375 . As we begin the 2/26 US trading session, the pair is inching down toward the consolidation support area. Bearish stance: The 4H chart shows a bearish stance. 1) The RSI has remained below 60, and even kissed 30 during the consolidation period, showing
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