Daily Chart Art - August 2, 2012

AUD/USD 4-hour chart
AUD/USD: 4-hour

AUD/USD has been enjoying a solid rally over the past few weeks, forming a clear rising channel. It recently formed a new high but now it looks as though it's ready to hand control over to the bear camp. If you think this pair has topped out, you might want to consider trading the pair down to the bottom of the channel. On the other hand, if you're not comfortable trading countertrend setups, just wait for the pair to pull back before establishing a long position. No matter what you decide to do, make sure to practice smart risk management!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.