06.12.201109:07 Forex Analysis & Reviews: AUD/USD Intraday Technical Analysis & Trade Recommendation December 6, 2011

Long-term review

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During the last few days, AUD/USD has been moving inside a bullish channel.

It's important to note that the current bullish move is showing weakness of the bulls as there's no obvious higher highs & lows.

Today we had a bearish breakout of the three drawn channels. Hence, we expect the market to be bearish for AUD/USD today.

VIOLET CHANNEL represents Yesterday's movement.

BLUE CHANNEL represents the last 2 days' movement.

YELLOW CHANNEL represents the last 3 days' movement.

Based on the previous analysis

AUD/USD can be SOLD around 1.0200 with SL 1H candlestick closure above 1.0230.

TP should be placed at 1.0170,1.0155 &1.0110.

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