AUD\USD Channel - Easy 50 Pips

[ChartSecret]

Channel Chart Pattern has formed at the AUD\USD pair - 48 pips in size. Lately, price seems to be losing momentum, about to break the support level of the channel. The channel was formed near strong resistance at 0.8800 which is a strong round level with high potential of stopping the uptrend.

Trading:
Enter Short at breakout of Support and pullback to the level. Target is 48 pips from the Support level.

Analysis Source:
http://www.chartsecret.com/content/audusd-channel-50-pips

 

[Sofia]

The first line of support at 0.8680 has given way, and so the focus now shifts to the more technically structural levels down near the 0.8480. The AUD/USD will likely remain a slave to the moves in equity indices, and possibly also gold.