Decision incoming... Are we going to see a reversal for AUDUSD?
A major decision node is coming for the price action. Are we going to see a reversal for the aussie dollar as it approaches the bottom of the band it's been trading in since December? Let's see it test the bottom of the channel and see if there's a breakdown or a reversal.
BULL CASE
Price goes back up after testing the bottom of the channel. We've a slight bias for this scenario until proven otherwise. Be careful of a fake out to break the bottom of the channel. If you take this trade, a good stop loss will be at 0.71295.
BEAR CASE
If price breaks down from the bottom of the channel, we should be seeing a test of the 0.68 level
BULL CASE
Price goes back up after testing the bottom of the channel. We've a slight bias for this scenario until proven otherwise. Be careful of a fake out to break the bottom of the channel. If you take this trade, a good stop loss will be at 0.71295.
BEAR CASE
If price breaks down from the bottom of the channel, we should be seeing a test of the 0.68 level