AUDUSD 4hr Sell Setup – 06th Jan 2017

Technical Analysis

AUDUSD 4hr

AUDUSD is in bear market and approaching the bearish trendline. I'm looking to sell on MM3 with confirmation bias to the downside.

AUDUSD 1hr

On the hourly chart, price is trading inside a bullish channel. Current price action indicates, there would be short term trade to the upside. For the sell trade, I'd wait for price to break outside of this channel and retest of trendline/role reversal area before going short with first target @ 0.7150 and second Target @ MM1