By FXEmpire.com
The AUD/USD pair failed to clear the 1.05 level during the Wednesday session, and even formed a shooting star that looks very weak indeed. The pair seems to be at the top of an up trending channel, and as such this week candlestick formation suggests to us that we are going to fall from this point. We think that the bottom of the up trending channel should be supportive, and that matches up quite nicely with a move down to about 1.03 or so. Is because of this that we think this market could be approached either aggressively by selling and looking for a quick move, or being patient and looking for some type of supportive action around 1.03.
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Originally posted here
