BabyPips.com FX-Men Team
BabyPips.com
AUD/USD: 1-hour
Breakout alert! For a third time in a row this week, AUD/USD is testing the .6930 area on the 1-hour time frame. Will the third time be the charm for the bears? The bulls have a fighting chance with Stochastic on their side, but I advise against buying at current prices right now. It might be better to wait for consolidation or a couple of candlesticks that hint at a bounce before you trade a range play. If you’re one of them Aussie bears though, then you could also wait for a break below the closely-watched support before you pull the trigger. Make sure you’ve read about trading breakouts if you haven’t done it yet!
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