# AUD/USD Triangle Formation (October 8, 2013)

Source: https://www.tradersway.com/resources/market-info/aud-usd-triangle-formation-october-8-2013/
Language: en
Updated: 2013-10-08

AUD/USD could be in for a decline today as the .9450 minor psychological level has been holding well as resistance so far. A drop could last until the recent support around the .9350 minor psychological level.



The intraweek resistance is in line with the top of a triangle on the 1-hour time frame while the potential support at .9350 is found at the bottom of the triangle.



Stochastic is in the overbought zone and moving down, hinting at a potential selloff. There are no major reports due from both the US and Australia today so the ranges could hold.



![AUD/USD Triangle Formation (October 8, 2013)]



Shorting at .9450 and having a 50-pip stop with a 100-pip target would be a 2:1 trade for the day.



*By Kate Curtis from Trader’s Way*