AUD/USD Intraday Technical analysis June 8, 2011

On the 4H the pair has been consolidating inside a bullish channel

Yesterday te pair failed to make higher highs indicating some sort of weakness in the uptrend

now the price is testing the lower limit of the bullish channel

We have to watch the price action towards it

Recommendations :

4H closure below the channel limit gives the signal to go short with target at 1.0603

Rebound of this limit of the channel gives the signal to go long with target at 1.0753

SL is the achievement of the opposite scenario .