AUD/USD Breaking Support Before Employment Data

Leading into the Australian employment data, we have to take a look at the AUD/USD chart. Just keep in mind the big picture with our old friend the weekly trend line support is still in play.

But it’s the hourly that I wanted to focus on today, with price forming a short term bullish channel following the pair’s solid beat down that it has experienced all of January.

With price teetering on the brink at support, we’re set up nicely for the 11.30am Sydney time employment data release. Are you trading the AUD/USD channel into the release or waiting for the dust to settle?