Bearish continuation of channel

Long

Australian Dollar / U.S. Dollar (OANDA:AUDUSD)

Updated

OANDA:AUDUSD Australian Dollar / U.S. Dollar

fx AUDUSD

fx audusd

I think the bearish trend inside this channel will continue. I was on the wrong side last week of this trade but I'm being a little more patient with my entry on this one. I'm looking for a MA cross before I enter long, and then if this does in fact continue, I'll look to take my profit around the .7500 mark and reverse my direction and pick it up short down to around .7400.

Comment:

I'm currently in USD/CAD so I haven't taken this trade yet. I do like how it's slowly making it's way to the top of the channel. If it does in fact continue bullish, I'm still looking to short this around the .7500 zone.

Comment:

Still watching this. On the Daily chart, I'm looking for a rejection at the top of the bearish channel. You can see in the chart below.

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