AUDUSD is retesting the broken long-term uptrend channel
On the Monthly AUDUSD chart, we can see that the pair is testing Andrew’s Pitchfork uptrend long-term channel first half median line 0.8000 and is being rejected by it. This rejection could lead to an uptrend Pitchfork channel support line 0.7000 test. To continue higher we need to see a break above 0.800 and it would mean that the pair could be heading to 0.8800.
On a Weekly chart, we can see a new downtrend Pitchfork channel formed and we had a rejection from uptrend resistance line 0.8000. We could see now a correction and a pullback to channel half median line 0.7250. As long as the pair is below 0.7800 you can search for the short trade entries with the stops above 0.7800 and especially upon a break below 0.7550.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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