AUD/USD has been trending sideways for the last few weeks and is now creating a ascending triangle with the major resistance right around 0.7131. The overall daily trend is downward; therefore, I would expect as the current trend narrows in the ascending triangle, multiple scalp opportunities will occur. If my predictions are accurate, each scalping opportunity presents roughly a 1:3.6 risk/reward ratio with the final opportunity offering much greater reward if/when the trend breaks through the current support zone.
I am a FOREX newbie and working on my charting/analysis abilities. Please feel free to comment and/or make suggestions for improvement. Thanks.