AUD/USD Trade Idea Snapshot 1/16

\ 8:54 AM EST \ January 16th, 2013
Forex Technical Update

The chart below shows a screenshot of the AUD/USD in a rising channel. But more recently it is trading in a sideways range within this channel. A bullish breakout is preferred as it would follow the trend and stay above the 200-SMA. However, a break below the range suggests further correction with focus on the rising channel support. A break of that trendline then opens up real bearish outlook. 

audusd01162013
(click to see full size)

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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