Aussie has been trading in a bearish channel for a while, but it seems like the end is near.
it is near a strong resistance which has been tested previously 3 times, but in the end all got rejected.
On the side note the price is currently around a major psychological level 0.70
It is also heading towards a major supply zone which might push price back up.
For now I would trade a long position and aim for approx 100 pips, from where I would short it towards the 0.6900 area. TP to be determined later.
it is near a strong resistance which has been tested previously 3 times, but in the end all got rejected.
On the side note the price is currently around a major psychological level 0.70
It is also heading towards a major supply zone which might push price back up.
For now I would trade a long position and aim for approx 100 pips, from where I would short it towards the 0.6900 area. TP to be determined later.