Technical analysis
Mohamed Samy
AUD/USD is now trending down inside a bearish channel since August 1.
Since it broke the main established low at 0.9942, it declared the structural end of the former uptrend.
Recently, the pair found support from the lower limit of the marked channel manifested in the long bullish daily candlesticks.
The pair managed to break and close above former resistance zone 0.9727-0.9942 and 38.2% Fibonacci level (0.9920).
We need to focus on short positions in this strong downtrend so We suggested a SHORT position at 1.0300 or better which is giving +120 pips till now.
This resistance area is representing the upper limit of the bearish channel, 61.8% Fibonacci level & previous supply (congestion) zone.
SL should be advanced to be daily closure above 1.0259 and TP remains the same at 1.0010, 0.9950 and 0.9730.
http://instaforex.com/forex_analysis/41757/?x=OUE
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