dutchtrader

Aussie trading bearish channel

FX:AUDUSD   Australian Dollar / U.S. Dollar
Aussie has been trading in a bearish channel for a while, but it seems like the end is near.

it is near a strong resistance which has been tested previously 3 times, but in the end all got rejected.
On the side note the price is currently around a major psychological level 0.70
It is also heading towards a major supply zone which might push price back up.

For now I would trade a long position and aim for approx 100 pips, from where I would short it towards the 0.6900 area. TP to be determined later.
Hi, Thanks for the chart, new to trading so please bear with me. Why do you predict the Aussie will bounce off the strong resistance now but break through it next time and head to around 0.69?
Thanks
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