As shown in the attached chart , AUD/USD currency pair has recently broken downtrend line extending from 1.1010 all the way down to 1.0440 .
The pair has successfully tested the backside of the broken trend which was at 50% Fibonatcci also and it held the price above .
Since then the price has been consolidating in a range extending between 1.0755 and 1.0585 .
The next key level at intraday basis is 1.0755 ( previous double top )
Breakout of this level gives the LONG signal with primary target at the upper limit of the bullish channel around 1.0830
If the price fails to break this area of resistance so it's a SHORT signal with target at 1.0615 .
SL for both positions is achievement of the opposite scenario (with 4H candlestick closure )
Area 1.0600 which is 50% Fibonatcci and lower limit of the channel is a good area to BUY at with target at 1.0755 then further targets
SL for this position should be placed below 1.0440
