AUD/USD – Week 2 – Bigger consolidation needed

Last week the Australian Dollar rose against the US Dollar, advancing for an eight-successive week. Our prediction still stands for a bigger bearish corrective move, but no confirmation yet. We are in the middle of an uptrend channel, with a small chance to break the top again. Until we get a solid bearish candle underneath the lower line of the channel, we will approach it cautiously. We may benefit from some volatility, as this week will be a busy one for the “Aussie”, with Chinese December inflation figures that can ultimately impact the pair. For the moment we recommend you to be patient.
Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

Trade closed: target reached