AUDUSD: Short term SELL at channel top
AUDUSD is approaching its channel top after Friday's false break and we believe that sellers will emerge at these area leading to a short term correction.
We will use any retracement from 0.7110-20 area as opportunity to BUY.
At the moment we are focusing on the SELL side at 0.7110 setting tight stops above 0.7135, targeting 0.7080-85.
A break of the channel will lead initially at 0.7170-80 and eventually higher.
Below you can see the 4H chart of the pair.
We will use any retracement from 0.7110-20 area as opportunity to BUY.
At the moment we are focusing on the SELL side at 0.7110 setting tight stops above 0.7135, targeting 0.7080-85.
A break of the channel will lead initially at 0.7170-80 and eventually higher.
Below you can see the 4H chart of the pair.