BabyPips.com FX-Men Team
BabyPips.com
AUD/USD: 4-hour
After finding resistance at the .7200 area, AUD/USD looks like it’s consolidating back to the .7150 levels. Aussie bulls are likely on their toes on this one, especially since the level is lining up with Fib supports on the 4-hour time frame. Stochastic is also currently on the bulls’ side with its oversold signal. A stop just below the rising channel’s support and a target around early October highs is a good idea if you’re planning on buying the pair. You could also place a small trade and just build your position if you aren’t too sure about the Aussie’s future gains.
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