Daily Chart Art - August 2, 2012
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!
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