AUD/USD: Be the trend line Ally

On a monthly time frame we can see that the currency pairs is in a down trend. This bearish movement has started since July 2011. On this monthly Time Frame we can obviously see that it formed a descending Triangle. We can see also that the triangle is yet to be filled. There is actually more spaces as technical as possible. At this moment only scalpers can get something out of it.

On a weekly Time frame, we can see that there is a valid correlation between the monthly and the weekly time frame. At this juncture the best way to enter this position is to enter a sell trade. Again, the down trend line has acted asa resistance.

The daily Time frame still in positive correlation with the monthly and the weekly time frame. However we can see that the daily time frame gave us the opportunity to have an internal trend line.

As it stands right now the best form is to follow the trend line. The trend line is every trader’s best friend.

NOTE: Trading is very risky, only put the money you can afford to lose.
NB: This is not a financial advice.