Resistance just ahead, and possible new channel.
For several days, I've seen several people battle between whether to long or short the AUDUSD pair. Longs would say, "it broke the trend line, go long." Shorts would say, "don't you see that lovely bearish pin bar right at the resistance? Short!"
In my opinion, it is better to wait for a confirmation telling where this supposed pair would be heading to. The descending channel may have had been broken, and retested (where it rejected the said broken descending trend line), but it may have had formed another channel as drawn in my 4-hour chart. If you look at the previous price bar action of this pair, it has been a messy treat.
This week is going to tell whether dollar is going to live or die -- there are 6 important data incoming for the US Dollar, and it may be volatile. A weekly close above the resistance somewhere around 0.7520 may suggest a push higher while a close below the level may suggest a push lower.
In my opinion, it is better to wait for a confirmation telling where this supposed pair would be heading to. The descending channel may have had been broken, and retested (where it rejected the said broken descending trend line), but it may have had formed another channel as drawn in my 4-hour chart. If you look at the previous price bar action of this pair, it has been a messy treat.
This week is going to tell whether dollar is going to live or die -- there are 6 important data incoming for the US Dollar, and it may be volatile. A weekly close above the resistance somewhere around 0.7520 may suggest a push higher while a close below the level may suggest a push lower.