AUD/USD: 4-hour
If you’re more comfortable with longer-term trend plays, then you might like this channel setup on AUD/USD’s 4-hour forex chart better. The pair has just bounced off the top of the channel and is showing downside momentum, possibly aiming for the bottom of the channel at the .9200 major psychological level. Stochastic is already indicating oversold conditions though, which means that bulls aren’t gonna give in too easily and might push for another test of the channel resistance. If you’re bearish on this one, it’s not too late to hop in when price makes a break below yesterday’s lows and set your sights on the channel support.
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