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AUD/USD Trades To Channel Support

AUD/USD Trades To Channel Support

Walker England, Forex Trading Instructor

Market Condition: AUD/USD Channel Consolidation

Target 1: Mid Channel 159 Pips

Target 2:Full Channel 318 Pips

AUD/USD Daily Channel

(Created Using TradingView Charts)

The AUD/USD is trading at the bottom of an ascending price channel. This channel, as displayed above, has been created by first connecting the August 11th high at .7759 with the current November high of .7778. Then a parallel line was drawn connecting a series of lows. This includes the September low of .7442 and today’s low at .7460. If prices remains supported above the channel low, it may suggest that prices may bounce back towards the resistance line. Traders looking for a bounce here, may initially target half the distance of the channel, or 159 pips. Secondary targets include a move to the previous high of .7778, and then to test the ascending trendline above.

Traders should consider that the AUD/USD may break lower under support. In this scenario, a bearish breakout would invalidate the above pricing channel. As such, traders may look to manage risk below the September low of .7742.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.