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 triple top )
Breakout of this level gives the LONG signal with primary target at the upper limit of the bullish channel around 1.0830
Yesterday price failed to break this area of resistance giving a SHORT signal as we expected .
Now the price is retracing to downside testing the most recent support 1.0694 and 50% Fibonatcci of the last swing up which maybe a good place to go long at .
Area 1.0600 which is 50% Fibonatcci of the larget swing and lower limit of the channel is also a good area to BUY at .
As long as we take LONG positions we need to see fast and strong breach of the level 1.0755 otherwise the price will tend to move horizontally or may go on retracement .
TP for long positions should be placed at 1.0750 then 1.0840
SL for All LONG position should be placed below 1.0500
