AUD/USD Trade Idea

It looks like the Aussie Dollar pair is trading in an ever tightening triangle. I've drawn support lines at the top and bottom of the triangle and will trade a breakout close either way. If it breaks down I look for first profit target of 0.7100 with an ultimate profit target of about 0.7000. If it breaks up, it is a bit more difficult. There is no real resistance until it gets to around 0.7800 so I'll probably move my stop to break even at +50 pips and then put a trailing stop on. If we get lucky she'll go all the way up to 0.7800, if not we don't have too much exposure. For the stops I'm using the opposite side of the triangle (but no less than 30 pips). I'll keep you posted.

Happy Trading!