Benji

AUDUSD in a Pair of Channels

FX:AUDUSD   Australian Dollar/U.S. Dollar
Here are a few possibilities for AUDUSD             . First scenario, the pair goes to test the descending channel boundary (dark black). It may just break right through there. This will be the only upside trade that I will attempt to take if the PA shows so. I will watch the area in the blue circle this week and next.

The second scenario would obviously be a reversal at the darker channel and go towards the bottom boundary of the ascending channel . From here, it could retest the darket channel again and break out - or the darker channel becomes the larger factor and ultimately breaks to the down side.

I am only willing to trade the break out to the upside or the break out to the downside on this pair. Let me know if you have any opinions on this pair as well. I have seen several different patterns with this pair so far.

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