AUDUSD is testing the median line of a first channel half
On the Monthly AUDUSD chart, we can see that the pair is testing a previously broken Andrew’s Pitchfork long-term uptrend channel first half median line 0.7750 and we need to see a confirmed break above this level for the upside extension. A rejection here could lead to a deeper correction to 0.6900.
On a Weekly chart, we can see a new sideways Schiff Pitchfork channel formed and we just a rejection of the Median line of the second channel half 0.7750. We could see now an extension lower to the channel Median line 0.7300. You can open short trade with the stop loss above 0.7800 to target 0.7300.
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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