AUD/USD has been moving within the slightly ascending
channel, but yesterday the price broke below showing potential weakness of the pair.
After the breakout, the price corrected back to retest the
breakout point and rejected the 38.2% Fibonacci retracement level at the same time.
While the final channel breakout target is not reached at S1, a trend should
Consider selling AUD/USD anywhere between the current level and R1 (0.6960) resistance, targeting 0% fibs in the S1 (0.6875) area. The stop
loss should be placed just above today’s high of 0.6973.
The material has been provided by InstaForex Company – www.instaforex.com