The weekly channel that the AUDUSD is in is still holding strong and may hold strong for weeks and months to come. AUDUSD has been climbing upwards recently before ever breaking below or even touching the 0.6800 handle.
Because of this, I will be watching for two possible outcomes.
1.) Price reaches the upper edge of the channel and gives a SELL signal - I will take a sell trade at this point.
2.) Price comes back down and finally breaks the 0.6800 level and gives a SELL signal - I will also take a trade at this point.
Either way, I am on the sidelines for now, keeping my eyes on this.
Because of this, I will be watching for two possible outcomes.
1.) Price reaches the upper edge of the channel and gives a SELL signal - I will take a sell trade at this point.
2.) Price comes back down and finally breaks the 0.6800 level and gives a SELL signal - I will also take a trade at this point.
Either way, I am on the sidelines for now, keeping my eyes on this.