AUDUSD ready to test the bottom of the channel
The aussie dollar pair dropped farther this week and it's ready for another drop down to test the bottom of the channel. If the channel fails to hold, we think that we can see farther down side. The coming week should be rather choppy as the market finds direction.
BEAR CASE
One more drop down to test the bottom of the channel at 0.725 is needed before consolidation to find next big move. This move can be either to the downside or upside.
BULL CASE
From here, the correction upwards may be stronger before the dump comes, 0.73711 is good for a short if this scenario plays out.
BEAR CASE
One more drop down to test the bottom of the channel at 0.725 is needed before consolidation to find next big move. This move can be either to the downside or upside.
BULL CASE
From here, the correction upwards may be stronger before the dump comes, 0.73711 is good for a short if this scenario plays out.